Fidelity’s director of global macro, Juren Temer, says Bitcoin is headed for the bulls Bottom edge of the model He has used it to track for years.

That model is the Power Law, which plots the entire history of bitcoin’s price on a logarithmic chart bounded by three curves — an upper resistance line, an intermediate trend line, and a lower support line that has captured every major low since 2015.

The support line on Temer’s latest chart is near $58,000, and Bitcoin is closing at around $62,700.

The bottom panel is where it is expected to accumulate. It tracks how far Bitcoin trades above or below the power-law trend line, and the gap has grown to negative 56%, the chart’s accumulation zone and a depth to the 2018 and 2022 lows. The 52-week reading on the Bitcoin-to-Gold ratio has fallen to nearly negative 100 percent.

Timmer isn’t calling down right now. He has said that the speculative premium that drove bitcoin past $120,000 last year has largely dissipated, that global currency supply growth is slowing, and that he sees no catalyst for a reversal until liquidity returns.