Bitcoin’s Price Struggles: Are We Facing Another 2022 Scenario?
The recent attempts of Bitcoin to sustain an upward trajectory have repeatedly faltered, with the most recent effort stalling near the $74,000 threshold. However, this premier cryptocurrency seems to be grappling with more profound challenges than just unsuccessful price rebounds. A leading expert in the crypto market suggests that Bitcoin’s current price behavior mirrors the bearish trends observed in 2022.
Could Bitcoin Be on the Brink of Another 2022-Style Downturn?
Chartered Market Technician Tony Severino has provided insightful analysis on the state of the Bitcoin market. In a post on the X platform, Severino speculated that Bitcoin might be on the verge of experiencing a bearish phase similar to the one that followed the collapse of the Terra (LUNA) ecosystem in 2022.
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Technical Analysis: The MACD Indicator’s Warning
The basis of Severino’s evaluation lies in the downward trend of the Moving Average Convergence Divergence (MACD) indicator on Bitcoin’s bi-weekly price chart. The MACD is a crucial momentum indicator in technical analysis, offering insights into trend directions, shifts in momentum, and potential points for market entry or exit.
Typically, the MACD comprises two lines—the MACD line (green) and the signal line (red)—alongside a histogram that shows the distance between these lines. Presently, the histogram, which serves as the main momentum indicator, is displaying a pronounced bearish momentum. This is evident from the expanding histogram bars, which indicate a rising momentum in the current bearish direction, as they fall below the zero line.
Severino notes that the MACD is expanding to levels reminiscent of the 2022 period when the Terra ecosystem’s collapse triggered widespread bearish sentiment across the crypto market.
2W Bitcoin LMACD momentum is around the same point before the Luna collapse in 2022. It’s possible something nasty is coming. How are you managing your risk? And do you even know how?
This analysis suggests the potential for another crypto winter. Following Terra’s downfall in May 2022, Bitcoin saw a decline from over $50,000 to approximately $30,000, a drop of about 40% by July of that year.
It’s crucial to consider that the market might have already factored in the current observations from the MACD, as it is generally viewed as a lagging indicator. Additionally, Bitcoin has already experienced a near 30% decline in value thus far in 2026.
Current Bitcoin Price Overview
As of the latest data, Bitcoin is priced at approximately $67,520, showing little fluctuation over the past day.
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