According to external sources, Jurrien Timmer, Global Macro Manager of Fuda Investment, argued that bitcoin was close to the critical supporting areas in the long-term price model, but that the current macro environment was not sufficient to drive a clear reversal. In his judgement, the market lacks new upward mobility and is more likely to be tested for support in the short term than in the case of TTco.

Sixty thousand dollars is the focus of observation.

The reference framework referred to by Timmer is the Bitcoin price model. The model uses a long-term logarithmic curve to observe price ranges in the successive cycles of Bitcoin, including upper resistance, median trend lines and lower support lines.

According to this model, the current long-term support line for Bitcoin is approximately $58,237, and the vicinity of $60,000 has thus become a central area of market concern. According to the article, this position has both psychological significance and is seen as an important feeder in the long-term price structure.

It's a low point of history.

Over the past cycle, Bitcoin has been close to this long-term support belt on several occasions:

  • The low point in 2015 is about $230 and the counterpart model supports about $252
  • The low point in 2018 is about US$ 3,204 and the counterpart model supports about US$ 2,521
  • The low point in 2022 was about US$ 16,366, and the counterpart model was about US$ 15,006

It was also mentioned that the premium indicator below the model was used to measure the extent of Bitcoin prices above the structural base. In the past, the premium had increased significantly in cattle markets; however, it was now largely absorbed.

Reverse still depends on liquidity litres

According to Timmer, if Bitcoin is to rise significantly again from the supporting areas, global liquidity improvements are still needed. The current slowdown in global currency supply and the earlier push to break the $120,000 speculative premium on bitcoin have also fallen.

Against this background, he did not give a bottom-up judgement on the market. The article argues that, even if the long-term support remains, bitcoin may first remain horizontally organized in the area for a certain period of time before a clearer trend change can occur.