CoinDesk reported that BTC is nearing the long-term power-law model support line at around $58k. Bitcoin’s undervaluation relative to the trend line and relative to gold has fallen back to the levels seen at the 2018 and late-2022 bottoms, but Fidelity’s Jurrien Timmer has not yet said it has bottomed out. Jurrien Timmer expects that, in the absence of liquidity catalyst factors, Bitcoin could trade sideways near the support level for several months, and noted that speculative capital has rotated out of Bitcoin into gold and is currently flowing into semiconductor stocks.