#BTC When will Bitcoin turn bullish? Fidelity executive shares key price levels and expectations!

Jurrien Timmer, Global Macro Director at Fidelity Investments, believes that without new liquidity, it is difficult for Bitcoin to see a clear trend reversal.
Bitcoin, the leading cryptocurrency, has recovered from its plunge below $58,000, rebounding to around $61,600. Although people are still speculating whether this recovery signals a trend reversal, a Fidelity executive has explained the necessary conditions for a Bitcoin trend reversal.
Therefore, Jurrien Timmer, Global Macro Director at Fidelity Investments, believes that without new liquidity, it is difficult for Bitcoin to see a clear trend reversal. Jurrien Timmer noted that Bitcoin tested its long-term support level near $60k and analyzed that without an influx of global liquidity, a significant trend reversal is unlikely.

According to Timmer's analysis, Bitcoin has approached its historical trend line but lacks positive catalysts in the current macroeconomic environment. Timmer stated that his analysis is based on the power law model and identifies $60,000 as an important psychological and technical turning point. He also pointed out that the lower support line of the model is at $58,237. Timmer noted that historically, market bottoms often form near this support level, citing examples from 2015, 2018, and 2022.
However, Timmer emphasized that the premium that drove prices higher in past bull markets has dissipated, and Bitcoin needs a new round of global liquidity to break through its trend line. Therefore, Timmer believes that with slowing global money supply growth and the disappearance of the speculative premium that once pushed prices to $120k, it is difficult to pinpoint where the bottom is, suggesting that a period of sideways consolidation may occur before a true upward reversal.$BTC