Bitcoin prices have struggled to generate sustained gains in recent weeks, with the most recent price dropping to around $74,000 last week. But there appears to be a deeper problem with this premier cryptocurrency than a failed attempt at price recovery. According to crypto market experts, Bitcoin prices are at a stage reminiscent of the bearish period in 2022.
Is BTC about to witness a resurgence in 2022?
In a March 8 post on the X Platform, Certified Market Technologist Tony Severino shared some interesting insights into the current state of the Bitcoin market. The crypto expert hypothesized that the world’s largest cryptocurrency may have to endure a bearish period due to the collapse of the Terra (LUNA) ecosystem in 2022.
The rationale behind this assessment is the steady decline in the Moving Average Convergence Divergence (MACD) indicator on BTC’s two-week price chart. MACD is a prominent momentum indicator used in technical analysis to identify trend direction, momentum changes, and potential entry and exit positions.
The Moving Average Convergence Divergence indicator typically has two lines: the MACD line (green) and the signal line (red), as well as a histogram that reflects the distance between the two aforementioned lines. The histogram, a key momentum indicator, is currently showing strong bearish momentum.
This observation is because the bars in the histogram are widening, indicating that the momentum in the current direction is increasing (the bars are below the neutral or zero line, so it is bearish). According to Severino, the MACD indicator has expanded to levels not seen since 2022, when the collapse of the Terra (LUNA) ecosystem sent a bearish shock across the crypto market.
2W Bitcoin LMACD momentum is almost at the same level as before the Luna collapse in 2022
something bad could happen
How do you manage risk? And do you even know how? pic.twitter.com/SFzsYJxiZc
— Tony Severino, CMT (@TonySeverinoCMT) March 8, 2026
Source: @TonySeverinoCMT on X“Something nasty could happen,” said a crypto market analyst, suggesting that another crypto winter could be imminent. After Terra’s collapse in May, the premier cryptocurrency would have fallen from more than $50,000 to about $30,000 by July 2022, a drop of about 40%.
However, it is important to note that the market may have already priced in what we are currently seeing in the MACD indicator, which is often considered a lagging indicator. Additionally, Bitcoin has already lost nearly 30% of its value by 2026.
Bitcoin price overview
As of this writing, the price of BTC is around $67,520 with no significant movement in the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image by DALL-E, chart from TradingView
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