Bitcoin Repeats 2022 Scenario: Analysts Warn of Decline

On Wednesday, Bitcoin (BTC) price fluctuated around two-month lows, beginning to show similarities to the 2022 bear market. According to TradingView data, volatility has slightly decreased after the price on the Bitstamp exchange dropped to $65,362, a level last seen in early April. Cointelegraph.com reports this.

Following billions of dollars in liquidations, analysts are issuing new warnings that the worst days for the BTC/USD pair may still be ahead. Prominent analyst Rekt Capital highlighted the 50-month Exponential Moving Average (EMA), noting that this line currently stands at $66,628.

"Over time, there is a high probability that Bitcoin will fall below this EMA level and continue the macroeconomic decline in this bear market," the expert wrote in a post on social network X. If the 2022 history repeats itself, the price is expected to rise slightly at first and then completely lose the 50-month EMA support level.

Another trader, Leviathan, noted that the current market situation is replicating the previous cycle "almost perfectly." In his view, each phase is unfolding in the same order, and the $60,000 level currently serves as the most critical point determining the market's fate.