[DigitalToday reporter Jinju Hong (홍진주)] Bitcoin has recently plunged to around $60,000, and several medium- and long-term valuation models are analysing the current zone as a "rare low-price buying opportunity".

Cointelegraph, a blockchain outlet, reported on Feb. 10 (local time) that bitcoin is trading below $69,000 and remains in a short-term correction. But on-chain and long-term price models indicate it has entered a structural support zone, the report said.

First, the on-chain indicator "realized price" is currently around $55,000. It represents the average acquisition price when all bitcoin last moved. The "shifted realized price", adjusted to a future point in time, is estimated at about $42,000. Past data show a repeated pattern in which bitcoin retests this zone, then trades sideways for about 6 to 8 months before a strong bull market unfolds. In past rebounds from this level, bitcoin rose by an average of 170 to 220 percent. Applying that would imply the next bull market could reach above $150,000, according to the analysis.

The "Power Law Quantile" model popularised by Giovanni Santostasi also analysed that the current bitcoin price is nearing the bottom 14 to 15 percent zone of the long-term log-log price path. The model's 5 percent percentile zone has overlapped with past long-cycle bottoms. It now sits in the $50,000 to $62,000 range, overlapping with the realized price area mentioned earlier. This suggests a statistically meaningful accumulation zone may have formed.

But not all indicators point conclusively to a bottom. Some technical analysis suggests there are precedents in which bitcoin fell an average of 31 percent more after breaking down through a weekly relative strength index (RSI) of 37. Given that recent cycles often formed bottoms after a 40 to 43 percent correction, the analysis said it cannot rule out an additional drop to around $52,000. It also cited expectations that a deeper correction could continue into the $38,000 to $40,000 range as the BTC/gold (XAU) ratio falls below 15 to 16, a level that in the past signalled a shift to a bearish trend.

Ultimately, the $60,000 range is close to an accumulation zone based on long-term value indicators, but further short-term volatility remains, the analysis said. Whether the market accepts it as a structural bottom or rebounds only after additional correction depends on moves over the coming months, it said.