Cryptoprowl.com / The downturn in Bitcoin (CRYPTO: $BTC) is likely to worsen based on a new bearish chart pattern that has formed.
A chart pattern that preceded the deepest phases of previous bear markets for Bitcoin has resurfaced, causing angst for investors and analysts.
The pattern shows a flip in long-term averages on a chart that bundles three days of Bitcoin price action into each candle.
This pattern previously surfaced in 2014 and, within a week, Bitcoin’s price fell to under $4,500 U.S. from a peak of $20,000 U.S.
In 2022, the same pattern occurred with a similar crash occurring. Bitcoin’s price dropped to $17,500 U.S. from $32,000 U.S.
The chart pattern’s return suggests that Bitcoin’s price could fall below $60,000 U.S. BTC is already down about 45% from a peak of $126,000 U.S. reached last October.
Several analysts expect Bitcoin’s price to drop as low as $50,000 U.S., or lower, before it finally bottoms and reverses higher.
BTC is currently trading just below $66,000 U.S. and has been rangebound for several weeks.
