Bitcoin is approaching a critical support level on a power law model tracked by Jurrien Timmer, Fidelity's director of global macro. The model, which has been used since 2015, plots Bitcoin's price history on a logarithmic chart with three curves: an upper resistance line, a middle trendline, and a lower support line. Currently, the support line is near $58,000, while Bitcoin is trading around $62,700, indicating it is nearing this key level. Timmer notes that the gap between Bitcoin's price and the power law trendline has reached negative 56%, marking an accumulation zone similar to those seen during the 2018 and 2022 lows. Despite this, Timmer is cautious about calling a bottom, citing the absence of a catalyst for reversal and the slowing global money supply growth. The speculative premium that previously drove Bitcoin above $120,000 has diminished, and Timmer suggests that a reversal may not occur until liquidity improves.