Bitcoin (CRYPTO: BTC) is approaching a support line that Fidelity’s director of global macro says has caught every major bottom since 2015.
Fidelity Has Tracked This Support Line Since 2015 And It’s Never Failed
Jurrien Timmer uses a power law model that plots Bitcoin’s entire price history on a logarithmic chart bounded by three curves: an upper resistance line, a middle trendline, and a lower support line that caught every major bottom since 2015.
That lower support line currently sits near $58,000, and Bitcoin at $62,700 is closing in on it.
“At $60k it’s getting ever closer to its power law support line,” Timmer wrote on X.
