▲ Bitcoin (BTC), investor, crash/AI-generated image

Bitcoin (BTC) is reportedly replicating the bearish pattern of 2022, when it plunged to $17,500.

According to crypto media outlet NewsBTC on March 10 (local time), analyst Sherlock warned via X (formerly Twitter) that multiple signs similar to the 2022 bear market are currently being detected on Bitcoin’s chart. Sherlock noted that the breakdown of the weekly trendline, consecutive bearish candles, and rejection at resistance following a temporary rebound closely resemble the price action seen just before the previous crash. In particular, the recent rebound to around $74,000 could serve as a stepping stone for further declines.

In 2022, Bitcoin fell about 40% from its peak, dropping from $30,000 to $17,500. Sherlock explained that a long upper-wick candle is nearing completion on the current chart, and if this pattern is confirmed, a decline similar to 2022 is highly likely. If a 40% drop were to occur from the current price level, Bitcoin could fall to the $35,000 range, with the worst-case scenario seeing it retreat to around $30,000, where selling pressure may finally be exhausted.

However, there is also optimism that such a decline would represent the final correction before a renewed bull market rather than the start of a prolonged downturn. In 2022, Bitcoin rebounded swiftly after bottoming at $17,500 and went on to stage a powerful rally, reaching a new all-time high the following year. Sherlock added that the potential current decline could mark the final washout phase to remove excess market froth before entering a new bullish cycle.

Crypto investors are closely watching whether this historical pattern will repeat as Bitcoin struggles to reclaim the $70,000 level. With technical indicators pointing to downward pressure, short-term volatility may increase further if substantial buying support fails to materialize. Market experts are now focused on whether Bitcoin can defend key support levels and shake off the nightmare of 2022, or if it will sink into a deeper correction as the analyst predicts.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses incurred based on it. The content should be interpreted solely for informational purposes.*

​