Bitcoin Bear Market ‘Coming’ In 2022, Analyst Warns Next Stops at $45,000 and $35,000
The broader crypto market fell nearly 4% on Wednesday, pulling major tokens back to key support areas and putting renewed pressure on Bitcoin (BTC).
By mid-afternoon, BTC had retreated nearly 5% and was trading near $71,240, a result that may have analysts reassessing whether the current decline is a temporary pause or the start of a deeper correction.
Deep Bitcoin Retracement Ahead?
Market analyst Crypto Con argued on social media X that Bitcoin’s current weakness is now closely tracking the bear market of 2022 after an initial period of short-term inefficiency.
Drawing on historical cycle patterns, Crypto Con suggested the next phases could take BTC down to $45,000 and – in an extended pullback – as low as $35,000.
He noted that many technical indicators still have room to fall before reaching cycle lows and that supportive metrics are converging on the $35,000–$45,000 band.
“It’s the last downturn that does the most damage, which has been the dampening part of all cycles,” he noted, pointing to October-November as the period when historically the deepest damage occurred.
Macroeconomic developments strengthen the tone of caution. On Wednesday, the Federal Reserve (Fed) held its own policy level at 3.5%–3.75%, as widely expected.
Market expert Kyle Chassé weighed in on the Fed’s outcome and Chairman Jerome Powell’s comments, saying the central bank’s messages and recent data are creating a difficult backdrop for risky assets like Bitcoin.
The Fed’s updated projections show a single rate cut in 2026 – unchanged from December – while the inflation forecast increased to 2.7% from 2.5%, Powell’s shift linked in part to rising oil prices.
Powell also described the economic consequences of the Middle East conflict as “uncertain,” saying “it is too soon to know the scope and duration.”
Key Levels of Viewing Values
Chassé explained a combination of those factors as “brutal” in risky markets. He argued that the bullish nature of BTC depends on the Fed treating the recent oil shock as temporary: if Powell does, the markets can rally; if the Fed considers the spike to be long-lasting, the currency may tighten, and Bitcoin may break support at $70,000.
Chassé highlighted the immediate technical levels to watch: $70,000 is a key floor bulls should protect, with $67,000 as the next downside buffer; on the other hand, returning $76,000 will open the door to a benefit of $80,000.
The agency moves in and out of the Bitcoin space exchange rates (ETFs) are another important thing on the horizon, according to Chassé. He noted that the withdrawal of the institution in one day more than 300 million dollars will show a reduction in risk, while the continuous inflow will suggest that the buyers take the dip as a buying opportunity.
Adding to the technical background, Bitcoin’s volatility recently touched 1%, the lowest in two months – pressure that precedes historically renewed volatility, he said. In that sense, Powell’s words have been the catalyst for a resurgence of price volatility.
Featured image from OpenArt, chart from TradingView.com
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