Bitcoin (BTC) rose above $79,000 in April and ended the month on a positive note.
While this upward trend is expected to continue throughout May, one analyst warned that Bitcoin could fall to $55,000, citing the 2022 bear market pattern as an example.
Popular on-chain analyst Ali Martinez argued that Bitcoin’s (BTC) current price structure resembles the bottom formation seen in 2022.
He added that this pattern raises the possibility of further declines for BTC.
The analyst noted that Bitcoin is showing a trend very similar to the bear market of 2022, and if this pattern continues, there could be a final downtrend followed by a short-term recovery.
At this point, the analyst notes that the current recovery in Bitcoin could continue, but it may encounter resistance in the $80,000 to $82,000 range, after which the price could fall below $55,000.
He added that this resistance zone was concentrated with a significant whale selling wall.
*This is not investment advice.
