K33 Analysts Predict Bitcoin’s Floor at $60,000

Bitcoin's price fell 6% this month; K33 sees $60,000 as cycle's low.

Since the beginning of the month, the price of the leading cryptocurrency has dropped by 6% after testing the 200-day moving average around $82,000. Analysts at K33 Research believe that the February low of $60,000 will remain the bottom of the current cycle.

According to the report, the market dynamics differ from the bear cycles of 2014, 2018, and 2022. During those periods, rallies quickly gave way to new lows. Currently, the recovery is slower, preventing the accumulation of excessive leverage.

Derivative data indicates “uniquely pessimistic sentiment.” According to K33 expert Vetle Lunde, the market structure now resembles the growth phases of 2025 rather than the false rebounds of previous years.

Caution among participants is evident in institutional flows. According to 13F reports, major players reduced positions by 26,733 BTC in the first quarter. Meanwhile, retail investors purchased 19,395 BTC.

The bulk of the sales came from delta-neutral firms like Millennium and Jane Street. Analysts linked this to declining yields in the crypto sector and the growing appeal of alternative markets.

Exchange-traded funds (ETF) recorded one of the largest five-day outflows. Sales intensified as the price of digital gold approached the average purchase price of ETF shares. K33 explained this as investors’ desire to break even or minimize losses after a steep decline.

At the time of writing, Bitcoin is trading at $77,535 (+0.8% over the day).

Earlier, on May 18, the net outflow from American ETFs amounted to $648.6 million — the worst daily result since late January.