Bitcoin remained under pressure on Wednesday, trading near its lowest levels in two months after a sharp decline that pushed the cryptocurrency to around $65,362, a price last seen in early April.
Market analysts are drawing comparisons between the current downturn and Bitcoin’s 2022 bear market, suggesting that the leading cryptocurrency may be following a similar pattern. According to several traders, Bitcoin’s price action in 2026 has closely mirrored the sequence of events seen during the previous major market correction.
Crypto analyst Rekt Capital highlighted the importance of Bitcoin’s 50-month exponential moving average (EMA), currently near $66,600. Historically, Bitcoin has initially rebounded from this level during bear markets before eventually breaking below it and continuing its downward trend. The analyst believes a similar scenario could unfold if market conditions remain weak.
Another market commentator, Leviathan, noted that the 2026 bear market appears to be tracking the 2022 cycle “almost perfectly.” He identified $60,000 as a critical support zone, arguing that holding above this level could pave the way for a recovery, while a breakdown may trigger a deeper correction due to limited support beneath it.
Some traders expect Bitcoin to enter a consolidation phase between $63,000 and $65,000 in the coming weeks as investors assess broader market conditions and macroeconomic developments.
Despite the bearish outlook, analysts also point to historical reasons for optimism. Data from previous market cycles shows that when Bitcoin reclaimed its 50-month moving average after losing it in 2022, the cryptocurrency went on to deliver gains of more than 700% over the following two years. This suggests that while short-term volatility may persist, long-term investors continue to watch key technical levels for signs of a potential recovery.
The coming weeks are expected to be crucial for Bitcoin, with traders closely monitoring whether the cryptocurrency can defend major support levels or if the current bear-market comparison will continue to play out.
