Bitcoin's recent downturn has sparked concerns that it may follow the pattern of previous FIFA World Cup years. The current market correction is being compared to earlier periods when the cryptocurrency faced significant losses during major global events.
In 2014, Bitcoin traded near $620 and fell to around $580 as the market struggled with the aftermath of the 2013 bubble and the collapse of Mt. Gox. A similar pattern repeated in 2018, with Bitcoin dropping from nearly $20,000 to below $6,000 before recovering slightly.
The 2022 FIFA World Cup also coincided with a damaged market phase, as Bitcoin traded between $16,000 and $18,000 during the collapse of FTX. Analyst Ash Crypto has now pointed out that the current cycle's correction has reached 53%, similar to the 2022 bear market.
Ash Crypto suggests that if the latest structure holds, a hold above the weekly 200 moving average could place the cycle bottom near $59,100. However, a loss of this level could open the way towards $50,000 or lower. The analyst has also highlighted the death cross as a deeper risk signal, with past Bitcoin corrections after that pattern exceeding 60%, potentially placing the bottom at $39,000.