Jurrien Timmer, macro strategist at financial giant Fidelity, says Bitcoin (BTC) may have found a new level of support, 33% higher than previously thought.

In a thread to his 80,000 Twitter followers, Timmer to speak that a little-known metric called “calm flow” could be the key to a Bitcoin bottom at $40,000.

“A few days ago I argued that 40,000 could be the new 30,000 for btc based on the intrinsic value enhanced by my S-curve model.

Another indicator I just came across also suggests this: quiescent flow. It has reached the oversold zone that signaled previous lows.”

Timmer provides a chart that tracks data since Bitcoin’s birth in 2011, where BTC’s price has fluctuated just above the S-curve demand curve.

The source: Jurrien Timmer/Twitter

The tweet thread follows a previous post in which Timmer said that Bitcoin appears to be oversold at $40,000 due to Federal Reserve policy and rising inflation.

“Is $40,000 the new $30,000? The Fed’s restrictive inflationary policy had far-reaching effects.

With the motivation from excess liquidity, The crypto market drop is just a correction, not an outright shock.”

The source: Jurrien Timmer/Twitter

The strategist concluded that he believes BTC is still a store of value like gold.

“I want to compare BTC to another traditional store of value, which is gold.

Here we see that the BTC/Gold ratio has fallen back to the breakout zone from last year.

Technically, this is a bullish signal.”

The source: Jurrien Timmer/Twitter

At the time of writing, Bitcoin is trading at $43,200, which is unchanged over the past 24 hours.

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