Bitcoin Market Structure Mirrors Late-2022 Bottom, Analyst Sees Accumulation Zone

Bitcoin's current market structure resembles the late-2022 bear market environment, according to K33 analyst Vetle Lunde. The setup may represent an accumulation phase for long-term investors, with reduced leverage, funding rates, and open interest resets. Sentiment indicators also support this interpretation, with the Crypto Fear and Greed Index in extreme fear territory. Lunde cautions that Bitcoin may remain rangebound between $60,000 and $75,000 before potentially rebuilding market structure.