Bitcoin ($BTC) has fallen to $60,000 in recent declines, and there is ongoing debate as to whether this level is the bottom.
Some analysts say there is more room for decline, while others are suggesting a potential bottom.
Analysis firm K33 Research also currently predicts that Bitcoin may have bottomed out at $60,000.
Analysts at K33 Research said that based on data such as volume, funding rates, options skew, and ETF flows, these data and metrics support $60,000 as a potential bottom for Bitcoin.
In this regard, K33 said that following the recent decline, a capitulation-like situation has emerged in the spot market, derivatives market and ETFs.
These indicators include “trading volumes of 95%, funding rates reduced to levels seen during the March 2023 U.S. banking crisis, and option skewness 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. Along with this, the RSI fell to 15.9, making it the 6th highest oversold level. $BTC It has been increasing since 2015, with even lower levels seen in March 2020 and November 2018.
Vettle Runde, head of research at K33, also called for attention to the RSI, saying that the bearish RSI values coincide with the bottoms of the last two major cycles, reinforcing the possibility that the recent rally is a local bottom.
Analysts at K33 recently predicted that Bitcoin is likely to enter an extended period of stagnation lasting weeks to months, with the price likely to fluctuate between $60,000 and $75,000. They noted that Bitcoin is likely to retest support levels, but said they do not expect a significant drop below recent lows of $60,000.
*This is not investment advice.