When you look at Bitcoin’s price movements, it’s clear that the market bottom in the second half of 2022 is reflected very distinctly. According to K33’s analysis, the current chart also makes it possible to read just how serious the bearish market during that period was.

Thinking about it, it wasn’t “bear with me,” but rather that the entire market was experiencing the bottom of the bear market in that period. The series of disruptions that began with the collapse of FTX had a major impact on Bitcoin’s price formation. K33 is focusing on that.

In short, the bottom value formed in the second half of 2022 wasn’t just a temporary drop—it was a structural adjustment across the entire market. Bitcoin’s price movements reflected that process, and that’s why it still serves as the benchmark for current price formation.

From the perspective of someone observing the market, understanding the period when this bottom was formed is quite important for interpreting today’s market environment. In that sense, K33’s observations become a chance to take another look at the history of the market.