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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.
coindesk.com