K33 Research asserts that Bitcoin's February low of $60,000, not the recent $82,000 retest of its 200-day moving average, remains the cycle's maximum drawdown. This analysis suggests that despite recent struggles, the market has already experienced its deepest correction, implying further significant downside is unlikely. This perspective provides a bullish counter-narrative to recent price weakness, indicating that current dips are buying opportunities rather than signs of a deeper bear market. Investors should monitor if Bitcoin holds above key support levels, validating K33's cycle bottom thesis.
This story highlights the ongoing debate about Bitcoin's market cycle stage amidst price volatility. Divergent analyst views reveal a market grappling with short-term corrections versus long-term bullish structural shifts. This suggests continued price discovery with significant swings until a clearer consensus emerges.
While bitcoin has struggled since revisiting its 200-day moving average at around $82,000, K33 maintains that the cycle bottom is still in.