Julien Timmer, Global Macro Director at Fidelity, reiterated his view that Bitcoin may have already bottomed and identified $60,000 as a key support level. His assessment is based on his long-term "Bitcoin power law" model, which sets the current cyclical support range between $52,792 and $66,942. Timmer noted that although the price could dip below $60,000, the participation of institutional investors such as spot ETFs suggests that any decline would be "smoother" than previous cycles, which saw drops of as much as 80%.