BTC approaches the $58,000 power law support line, which has marked the bottom of each cycle since 2015

According to Odaily, BTC is approaching the lower support line of the long-standing power law price model, approximately $58,000, indicating it is nearing a historical accumulation zone. Bitcoin's undervaluation relative to its trend line and to gold has dropped to levels seen at the bottoms of 2018 and 2022, but Fidelity's Jurrien Timmer has not yet declared it to have bottomed.

Timmer expects that, in the absence of a liquidity catalyst, Bitcoin may trade sideways near the support level for several months. He noted that speculative capital has rotated from Bitcoin into gold and is now flowing into semiconductor stocks. (CoinDesk).