bitcoin It has a unique pattern and has held in every major bull cycle since the cryptocurrency started trading near zero 16 years ago. This pattern suggests that prices could plummet to at least $48,000.
The pattern works like this. Draw Fibonacci retracements from near zero (BTC started trading at $0.003 in February 2010) to the bull market peaks reached in June 2011, November 2013, December 2017, and November 2021.
In the bear markets that followed these peaks, prices plummeted well below the 61.8% retracement of the entire move from near zero to bullish peaks. This has always happened, as seen in the graphs below.
Four peaks, four subsequent bear markets, and four breakouts below the 61.8% level. No exceptions.
Now comes the current cycle. Bitcoin peaked at over $126,000 earlier this year. The 61.8% retracement from near zero in early 2010 to that peak stands at $48,215. Bitcoin is trading around $64,000 today, still well above that level.
The pattern has not been activated. But if it does, the charts point to a drop to at least $48,215.
