Charting Bitcoin's Low: How Far the Price Might Drop Before Bouncing Back

crypthub

about 5 hours ago

Current Bearish Outlook

Analyst Jussy warns that Bitcoin is in a strong bearish setup, with prices likely to drop below $30,000 before any upside reversal. The weekly chart shows a dominant downtrend and a bear flag forming. This structure mirrors classic crypto market declines.

2022 Cycle Comparison

Jussy points out a near‑exact repeat of the 2022 pattern, where a double‑top above $60,000 led to a sharp breakdown. In the current cycle, a similar double‑top appeared above $120,000 before falling past the $74,321 support line. The ensuing consolidation resembles the 2022 bear‑flag phase.

Consolidation Phase

Bitcoin is now in the third week of this consolidation, the same timing as the 2022 market’s final crash. The price slid from above $100,000 to around $65,000, indicating the start of the bear‑flag descent. Traders see this as a pause before further downside.

Projected Bottom Targets

Using the 2022 decline as a guide, Jussy forecasts a 38% drop from the $74,320 level, potentially taking BTC to about $46,200. He also warns of a deeper trough near $28,300 before any meaningful recovery can begin. These levels mark the expected support zones.