K33 Research: February's $60,000 low may mark Bitcoin's max 2026 drawdown

K33 Research argues the 2026 Bitcoin bear market is structurally unlike prior cycles and that February's low near $60,000 likely represents the downturn's maximum drawdown. The note highlights a 30-day average funding rate that stayed negative for 81 straight days and forecasts consolidation between $60,000 and $75,000 rather than an 80%+ style crash seen in past cycles.