Coinpedia, citing analyst views, noted that after Bitcoin fell below $60,000, the market began comparing this correction to the 2022 bear market. The article suggests that what deserves more attention now is the weakening rebound, indicating declining buying pressure.
This round of price movement is being compared to 2022.
The article notes that after Bitcoin peaked near the high of the previous cycle in 2022, it experienced a strong rebound that led some to believe the correction had ended; however, prices continued to decline, eventually falling to approximately $16,000.
This time, some traders believe a similar scenario is unfolding again. Bitcoin previously peaked around $126,000, rebounded to around $80,000 during the year, then lost momentum and broke below several key support levels, recently falling below $60,000.
The article also notes that Bitcoin is currently down approximately 10.5% from the peak of the previous cycle, whereas during the 2022 bear market, the decline reached about 22% before bottoming out. This is one reason some analysts believe the correction has not yet ended.
Rebound near $60,000 weakens
Analyst Rekt Capital says Bitcoin’s price reaction around the $60,000 level is weakening. The article notes that this same level previously triggered a rebound of over 100% in 2024, but the most recent rebound reached only about 38%.
In its view, the repeated weakening of rebounds indicates that buyers' willingness to enter the market is weaker than in previous rounds. The coming weeks will be a crucial window for determining the direction.
- If the price holds at $59,000, the market may experience a technical rebound.
- If this level is broken, the next downside target may be $54,000.
Pressure will still be present over the next six months.
The article states that traders generally expect market pressure to persist in June and July. High interest rates, sluggish summer trading volumes, and ongoing liquidations are seen as the main factors suppressing prices.
Under a bearish scenario, Bitcoin could decline toward the $47,000–$55,000 range by late summer, followed by a more pronounced selling climax. Some forecasts even suggest a potential bottom near $42,000, with a recovery possible by year-end.
The article suggests that if the market indeed follows a path similar to 2022, many investors may only confirm the full pattern of this downturn in hindsight.