ChainCatcher reports that Jurrien Timmer, Global Macro Director at Fidelity, stated that Bitcoin's current price movement is closer to the S-curve of the internet rather than a power-law curve. Many Bitcoin proponents claim the four-year cycle is over and a new structural upward wave is imminent. I am skeptical of this, not because I doubt the waning influence of the halving cycle (which I agree with), but because I question the claim that a bear market is no longer possible.
Currently, Bitcoin's floor is $65,000 (its previous high), while the power-law trend line indicates a floor of $45,000. Although there's still some distance to the target price, if Bitcoin enters a consolidation phase over the next year, the power-law trend line may move closer to $65,000 and could potentially become a lifeline for Bitcoin. However, this may (or may not) happen in the future (or even within the next year).
