[BTC Approaching $58,000 Power-Law Support Line, Marking Cycle Bottoms Since 2015] Odaily Planet Daily reports that BTC is nearing the lower support line of the long-utilized power-law price model, approximately $58,000, indicating it is close to the historical accumulation zone. Bitcoin's relative undervaluation compared to the trend line and gold has dropped to levels seen at the cycle bottoms of 2018 and 2022. However, Fidelity's Jurrien Timmer has not yet declared it has reached a bottom. Timmer predicts that in the absence of liquidity catalysts, Bitcoin may consolidate near the support level for several months. He also noted that speculative capital has rotated from Bitcoin to gold and is now flowing into semiconductor stocks. (CoinDesk).