“Nothing Like 2022”... Bitcoin Flashes Bullish Signal Amid $60,000 Fears
“Nothing Like 2022”... Bitcoin Flashes Bullish Signal Amid $60,000 Fears
The price chart of Bitcoin (BTC) is showing movements similar to the 2022 bear market, stirring fear among investors, but a contrarian view has emerged suggesting that from a technical analysis perspective, the current trend is merely a simple supply-demand adjustment.
On February 11 (local time), cryptocurrency-focused media outlet NewsBTC reported that Christopher Inks, CEO of asset management firm TexasWest Capital, recently analyzed that Bitcoin’s current downturn is fundamentally different from the structural collapse seen in 2022. Inks explained that although the current Bitcoin chart may appear similar to the 2022 bear market on the surface, this resemblance is only superficial and actually represents a healthy liquidation process occurring during price discovery.
Inks stated that the current downward wave appears to be in the final stage of a five-wave decline following the all-time high (ATH). In contrast, during 2022, a three-wave rebound followed the five-wave drop, but was succeeded by additional structural breakdowns that pushed the market into a prolonged slump. He emphasized that Bitcoin’s current consolidation around the $68,000 level should be interpreted as a positive process of building confidence to sustain a continuing rally.
Macroeconomic indicators are also showing a different pattern compared to the crisis conditions of 2022. Inks pointed out that U.S. 2-year Treasury futures charts remain compressed rather than signaling an impending crisis. This suggests that last week’s selling pressure was not driven by structural flaws in the market, but rather by investors repositioning ahead of key policy decisions.
On-chain data is also signaling that Bitcoin may be undervalued. The Mayer Multiple, which divides Bitcoin’s current price by its 200-day moving average, has fallen to 0.65, a level consistent with the bottom range of the 2022 bear market. Inks noted that Bitcoin’s sideways movement around the weekly pivot point on the hourly chart helps establish a stronger support base than a sudden vertical surge.
Bitcoin is currently trading near $68,639, entering a consolidation phase aimed at easing market anxiety. Experts predict that if Bitcoin overcomes short-term volatility and builds a stable buying foundation at current levels, it could shake off fears reminiscent of past bear markets and regain strong upward momentum. Inks advised investors to remain patient and closely monitor signals that the market is forming a bottom.
Disclaimer: This article is for investment reference only and we are not responsible for any investment losses resulting from its use. The content should be interpreted for informational purposes only.
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