K33 Research: Bitcoin's $60K February Low Was Bear Market's Maximum Drawdown

K33 Research, a Norwegian crypto analytics company, has announced that Bitcoin's decline to $60,000 in February represents the largest drawdown of the ongoing bear market cycle. In their report released on Tuesday, the firm noted that this cycle differs from the downturns seen in 2014, 2018, and 2022. The drawdown of approximately 52% from the all-time high of $126,272 on October 6, 2025, is relatively mild compared to previous declines of 78-84%. Vetle Lunde, Head of Research, described the current sentiment as "uniquely pessimistic" yet paradoxically bullish, suggesting that diminished selling pressure could limit further losses. K33 anticipates Bitcoin will remain between $60,000 and $75,000 for an extended period, with Bitcoin trading around $77,400 on May 20, reflecting a 4.2% decrease over the past week.