Analysis Company Announces Bottom for Bitcoin (BTC)! Shares What It Expects Next!

Bitcoin ($BTC) has fallen to $60,000 in its recent decline, and the debate continues as to whether this level will be the bottom.

Some analysts argue there is more room for decline, while others suggest it may be the bottom.

At this point, the analytics company K33 Research also predicts that Bitcoin may have bottomed out at $60,000.

K33 Research analysts said that based on data such as volume, funding rates, option skewness, and ETF flows, these data and indicators support $60,000 as a potential bottom for Bitcoin.

In this context, K33 stated that capitulation-like conditions have emerged in spot and derivatives markets and ETFs following the recent decline.

These indicators include “95% trading volumes, funding rates falling to levels seen during the March 2023 US banking crisis, and option distortions rising to levels observed during the peak stress period of the 2022 bear market.”

K33 also noted that Bitcoin’s RSI indicator has fallen excessively. Accordingly, the RSI has dropped to 15.9, which is the sixth highest level of oversold $BTC since 2015, with lower levels seen in March 2020 and November 2018.

K33 Research Head Vetle Lunde also drew attention to the RSI, stating that the bearish RSI value coincided with major cycle bottoms in the previous two periods, reinforcing the possibility that the recent rise could be a local bottom.

K33 analysts recently predicted that Bitcoin will undergo a long, stagnant consolidation period lasting weeks or months, with the price likely fluctuating between $60,000 and $75,000. They noted a high probability of Bitcoin retesting the support level, but a significant drop below the recent low of $60,000 is not expected.

*This is not investment advice.