Bitcoin Mirrors 2022 Bear Market Pattern as Traders Watch Critical $60K Support

Bitcoin remained near two month lows on June 3 after dropping to $65,360, its lowest level since early April. The latest decline has revived comparisons to the 2022 bear market, with several analysts warning that Bitcoin could be following a very similar path.

Bitcoin’s 50-month exponential moving average (EMA), currently around $66,628, as a major support level.Bitcoin may be repeating the same structure seen in 2022, where price initially bounced from the 50-month EMA before eventually breaking below it and continuing lower.

If history repeats, Bitcoin could see a short term recovery that forms a lower high before returning to test the 50-month EMA again. A failure to hold that level could trigger another leg down in the current bear market.

$60,000 Becomes the Most Important Level

Bear market is tracking the 2022 cycle “almost perfectly,” with market stages appearing in a similar order. $60,000 as the key support level traders should monitor.

Holding above $60,000 could signal that the recent liquidation driven selloff has ended and allow a recovery to begin. However, a breakdown below that level could open the door to a deeper correction with limited support underneath.

Analysts suggested Bitcoin may spend several weeks consolidating between $63,000 and $65,000 before making its next major move.

Historical Data Offers Long-Term Optimism

Despite the bearish outlook, some analysts pointed to previous recoveries from the same trend line. Bitcoin lost its monthly 50-month moving average during the 2022 bear market but reclaimed it five months later.

After regaining that level, Bitcoin delivered a return of more than 715% over the following two years. The analyst believes a similar recovery remains possible if Bitcoin can eventually reclaim and hold the 50-month EMA.

For now, traders remain focused on whether Bitcoin can defend support above $60,000, a level that could determine the market’s next major direction.