Bitcoin's Deep Correction Nears Bottom; December Could Mark a Turning Point, Says K33 Research
K33 Research indicates that Bitcoin's recent deep correction is close to bottoming out, with December potentially signaling a turning point for the cryptocurrency. Near-term signs of strength include low leverage in perpetual markets and solid historical support in the $70,000 to $80,000 range. Despite market fear currently outweighing fundamentals, long-term risks such as quantum computing threats, potential MicroStrategy sales, or Tether instability are considered unlikely to affect near-term prices.
In November, spot Bitcoin ETFs became net sellers, and activity in CME futures declined to a multi-year low, reflecting hesitation among traditional finance actors. Bitcoin, priced around $89,274, has underperformed equities and traded weakest against the Nasdaq since late 2024. The outlook for December suggests more upside potential than risk of another major collapse, which might offer a window for bold positioning.
Near-term catalysts could include possible policy shifts like enabling 401(k) access to cryptocurrencies and a more pro-crypto posture from the Federal Reserve. K33 Research emphasizes that current valuations reflect more fear than fundamentals and argues that structural upside is building for Bitcoin.
