Fidelity: BTC nearing long-term buy zone at 58000

Bitcoin is approaching the 58000 lower support line of its Power Law model, indicating a potential long-term buying opportunity, according to Fidelity's analysis. Jurrien Timmer, the firm's director of global macro, stated that this lower band has historically served as an accumulation zone for major bottoms. The current price is 56% below the median trend line, a deviation similar to those observed in 2018 and 2022. However, Timmer warned that the speculative momentum that previously drove BTC above 120000 has diminished. With global monetary supply growth slowing, he sees a lack of liquidity catalysts to support a rebound. Timmer suggested that BTC may consolidate near this support level for several months instead of rebounding quickly, noting that short-term speculative funds have shifted from BTC to gold and then to semiconductor stocks.

Disclaimer: This content is provided for general branding and informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online events, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets or to use any services. Crypto assets are highly volatile and may result in loss. WEEX services and online events may not be available in all regions and are subject to applicable laws, regulations, and eligibility requirements. You are responsible for ensuring that your use of WEEX services complies with local laws and for carefully assessing the risks before participating in any crypto-related activities.