Bitcoin Nears Power Law Support Line Tracked by Fidelity Since 2015

Bitcoin is approaching the lower support line of the Power Law model, which Fidelity has tracked since 2015. At current prices, the support boundary is around $58,000, while the model's upper limit stands near $120,000.

Fidelity's Director of Global Macro, Jurrien Timmer, described this area as an accumulation zone. However, he did not confirm that a market bottom has been reached and noted that without a catalyst such as a return of liquidity, Bitcoin's price could remain in a sideways range near the support line for months.

The analysis is based on the Power Law framework, a statistical model used to estimate long-term price trends.