While bitcoin has struggled since revisiting its 200-day moving average at around $82,000, K33 maintains that the cycle bottom is still in.

The research firm said bitcoin traders remain unusually defensive, reducing the risk of the kind of leverage-driven collapse seen in prior downturns.

K33 Research says bitcoin's February 2026 low near $60,000 is likely the bear market floor, with slow consolidation expected between $60K and $75K.