In the shadow of the digital abyss, Jurrien Timmer, the Director of Global Macro at Fidelity Investments, clings to the belief that Bitcoin has finally reached its cyclical nadir-a fragile promise in the face of unrelenting despair.
Timmer, ever the optimist, insists that the $60,000 mark remains an impregnable fortress, a beacon of hope in the storm of volatility. “We may well undercut it at some point,” he concedes, “but based on the almighty power law support line and the gold/Bitcoin ratio, I believe this level should act as a floor.”
His latest chart, a relic of modern financial prophecy, maps Bitcoin’s journey from 2009 to 2029, a pilgrimage through expanding macroeconomic cycles. The green resistance line, the dotted blue trendline, and the orange support line-each a sacred scripture in the cult of crypto analytics.
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Bitcoin’s power law
To justify the $60,000 floor, Timmer relies heavily on a long-term “Bitcoin’s Power Law” chart.
The model uses a logarithmic scale to chart Bitcoin’s price evolution from 2009 through projected data into 2029. It tracks the cryptocurrency’s natural growth curve through expanding macroeconomic cycles.
The chart maps three primary trajectories: a green resistance line representing historical bull market peaks, a dotted blue trendline representing fair value, and an orange support line representing absolute cyclical bottoms.
Following the most recent cycle peak of $122,765, the market has corrected sharply downwards. However, according to Timmer’s power law model, the current cyclical support band lies between $52,792 and $66,942. Right in the middle of that band sits the $60,000 mark.
card
The lower half of the cracks two distinct oscillators: the percentage deviation of Bitcoin’s price from its power law trendline (pink bars) and the 52-week Z-score of the Bitcoin-to-gold ratio (blue bars).
Currently, the pink bars indicate that Bitcoin is sitting at a negative 45% deviation from its fair value trendline. Furthermore, the blue Z-score bars have plunged to negative 100%. Based on the cryptocurrency’s price performance, a bear market cycle comes to an end when two oscillators reach extreme depths.
A “shallow” crypto winter
In mid-February 2026, when Bitcoin initially crashed down to the $60,000 zone, Timmer confidently declared that the 4-year bull market cycle had ended, but that the subsequent crypto winter would be surprisingly “shallow.”
During previous cycles, the asset would suffer catastrophic 80% drawdowns. However, the current floor is significantly higher due to heavy institutionalization that was possible due to the launch of spot ETFs. A salvation for the masses, or so the narrative goes.
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2026-03-13 19:18