 ▲ Bitcoin plunge / ChatGPT-generated image © |
Bitcoin (BTC) has failed to break above the $74,000 mark and is losing directional momentum, while a powerful technical bearish signal reminiscent of the massive crash during the 2022 Terra (LUNA) collapse has been detected, fueling fears that another brutal crypto winter could be approaching.
According to cryptocurrency media outlet Bitcoinist on March 9 (local time), certified market technical analyst Tony Severino suggested on the X platform that the current Bitcoin market may be entering a phase similar to the devastating downturn of 2022.
The core basis for this pessimistic outlook lies in the continued decline of the Moving Average Convergence Divergence (MACD) indicator on Bitcoin’s two-week chart. In this indicator, which is used to identify trend direction and momentum changes, the histogram bars representing the gap between the two lines have expanded deeply below the zero line, signaling strong and potentially uncontrollable bearish momentum.
Severino pointed out that the current MACD reading is widening to levels not seen since the collapse of the Terra ecosystem in 2022, when massive shockwaves swept through the entire cryptocurrency market. At that time, Bitcoin plunged about 40% from the $50,000 range to around $30,000 by July, and he warned that a similarly severe event could soon be approaching.
However, as the MACD is a lagging indicator, it cannot be ruled out that the market may have already priced in these potential negative factors. In fact, Bitcoin has already lost about 30% of its value in 2026 and is currently hovering near $67,520 with little change over the past 24 hours, continuing a precarious balancing act.
Disclaimer: This article is for investment reference only and the publisher is not responsible for any investment losses incurred based on it. The content should be interpreted for informational purposes only.