I just noticed that Bitcoin's current condition is very similar to late 2022. Vetle Lunde from K33 Research says this is the final phase of a bearish trend, and what does the look of the current data mean? Trading volume has dropped drastically, perpetual funding rates are still negative, and the Fear & Greed Index is at an extreme level. Basically, all signs of speculative cleansing are over.

BTC is now stuck in the $60k-$75k range, and according to the K33 model, we are close to the cycle bottom. Compared to 2022, when BTC dropped 70% from its ATH and took months to find a bottom, now it's only 50% from the peak. So what does all this look like? For long-term holders, the current level is actually attractive for accumulation, but patience is needed. No need to chase breakouts, because Bitcoin is mostly sideways, but when it moves, it can be 100% in a quarter. The key is to stay positioned rather than timing perfectly.