**Bitcoin gained approximately 3% on Sunday, briefly crossing $71,000 and marking a 20% recovery from recent lows. Despite the rebound, many traders remain unconvinced the downtrend is over, citing historical comparisons to the 2022 bear market. Analysts warn that new price lows remain a distinct possibility if past patterns repeat.
Bitcoin’s price rose to near $71,000 during the weekend, staging a significant rebound from Friday’s multi-month lows. Market participants, however, expressed high skepticism that this recovery would be sustainable.
Independent analyst Filbfilb highlighted a comparison to 2022’s bear market by charting spot price versus a key technical indicator. “I’m not going to try to dress it up any way other than how it looks,” he commented regarding the chart.
Analyst Tony Severino contributed multiple indicators that also suggested new lows were likely. Trader BitBull concurred, stating, “$BTC final capitulation hasn’t happened yet.”
BitBull argued “A real bottom will form below $50,000 level where most of the ETF buyers will be underwater.” Data shows the average cost basis for buyers of U.S. spot Bitcoin ETFs currently sits at approximately $82,000.
Analyst Caleb Franzen of Cubic Analytics noted Bitcoin was retesting a crucial long-term support zone formed by two key moving averages. He compared the current action directly to a similar event in May 2022, where an initial rebound ultimately failed.
Franzen summarized that price rebounded and produced a long candlestick wick before the rally faded weeks later. He noted the current situation mirrors that first retest but cautioned the market may not replicate the previous bear market perfectly.
“The reality is that no one knows what happens next,” Franzen acknowledged in his analysis. The weekly price close approached with characteristic volatility as traders awaited the next directional cue.
