Bitcoin echoes 'late 2022' bear market bottom, K33 says
K33's Vetle Lunde suggests Bitcoin is near a cyclical trough resembling late 2022, favoring patient long-term accumulation.Summary
Vetle Lunde, head of research at K33, suggests that Bitcoin's recent selloff is leading to a late-stage bear market phase, closely resembling the consolidation periods near the bear market bottom in late September and mid-November 2022. K33's regime model indicates the market is approaching a cyclical trough, evidenced by sharply dropped trading volumes, low perpetual futures open interest, and negative funding rates, suggesting speculative excess has been flushed out.
Lunde forecasts that Bitcoin is likely near a global bottom but will enter a prolonged consolidation phase between $60,000 and $75,000, meaning a quick recovery is unlikely. Despite this, current levels are deemed attractive for long-term investors to accumulate, provided they exercise patience. Onchain analyst James Check supports this view, noting that Bitcoin often consolidates sideways for long periods before explosive upward moves, cautioning against trying to perfectly time the market.
(Source：CoinDesk)