Bitcoin Approaches Lower Support Band of Power Law Model at $63,780 on July 13

BTC-2.63%
According to Fidelity macro director Jurrien Timmer, Bitcoin traded near $63,780 on July 13, approaching the lower support band of its long-term power law model. The analysis, which tracks Bitcoin's price movements through upper, middle, and lower trend lines, shows the asset currently trading roughly 56% below its power law valuation band. Timmer noted this level is similar to the bear market lows observed in 2018 and 2022, positioning it as a potential accumulation zone for long-term investors. However, he cautioned that confirming the market bottom remains premature, citing the absence of clear catalysts as speculative premiums have dissipated and global money supply growth has slowed.
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