K33 Research: Bitcoin’s Current Recovery is Faster than in Previous Cycles

K33 Research suggests a notably quicker recovery to the all-time high considering the reduced retracement size of 36% in November 2021.

This contrasts with previous cycles, with only 755 days passing since the last ATH. In 2021, the correction reached -40% on day 1092, significantly earlier than the 1178 days it took in 2017.

Analysts attribute this divergence to heightened demand from financial institutions, fueled by expectations of spot digital gold ETF approvals. The report highlights unprecedented institutional involvement, with large institutions actively participating and publicly endorsing Bitcoin.

The imminent verdict on US ETFs in 36 days is anticipated to play a pivotal role.

QCP Capital analysts caution that actual demand will shape future dynamics. The report emphasizes that whether Bitcoin returns to the $69,000 ATH hinges on genuine inflows into the ETF during its initial weeks of trading.

The analysts suggest the possibility of a “selling on the news” scenario if these inflows prove insufficient.