Bitcoin Mirrors 2022 Bear Market Pattern That Preceded Drop To $17,500

According to pseudonymous analyst Sherlock on X, Bitcoin's current price structure is showing several technical similarities to the 2022 bear market, when the price fell from $69,000 to around $16,000 before bottoming. The analyst highlights a broken weekly trendline, multiple red weekly candles, a relief bounce toward $74,000 and an upper wick setup that previously preceded a decline from $30,000 to $17,500, suggesting another potential 40% drawdown toward the $35,000–$30,000 zone.