BTC is close to the $58,000 power-law support line, which has marked the bottom of the calendar cycle since 2015

BTC is approaching the support line below the long-used power-law price model, at approximately $58,000, indicating that it is close to the historical accumulation range. Bitcoin's undervaluation relative to the trend line and relative to gold has dropped to levels since the bottoms of 2018 and 2022, but Fidelity's Jurrien Timmer has yet to claim that it has bottomed out. Timmer predicts that in the absence of a liquidity catalyst, Bitcoin may be sideways for months near support levels, noting that speculative capital has rotated from Bitcoin to gold and is now flowing into semiconductor stocks.