Bitcoin Bear Market ‘Lines Up’ With 2022, Analyst Warns Of Next Stop At $45,000 And $35,000

The wider crypto market slid about 4% on Wednesday, pulling major tokens back to key support zones and putting renewed pressure on Bitcoin (BTC). 

By mid‑afternoon, BTC had retreated roughly 5% and was trading near $71,240, a pullback that has analysts re‑examining whether the current downturn is simply a short pause or the start of a deeper correction.

Market analyst Crypto Con argued on social media platform X that Bitcoin’s present weakness now closely tracks the 2022 bear market after an initial period of even steeper short‑term underperformance. 

He noted that many technical indicators still have room to fall before reaching cyclical lows and that support metrics converge in the $35,000–$45,000 band. 

“It’s the last drop that does most of the damage, which has been the part that decreases every cycle,” he observed, pointing to October–November as the period when the deepest damage historically occurs.

Market expert Kyle Chassé weighed in on the Fed outcome and Chair Jerome Powell’s comments, saying the central bank’s messaging and recent data create a difficult backdrop for risk assets like Bitcoin. 

Powell also described the economic consequences of the Middle East tensions as “uncertain,” noting it is “too soon to know the scope and duration.”

Chassé highlighted immediate technical levels to watch: $70,000 is the key floor bulls must defend, with $67,000 as the next downside buffer; on the upside, reclaiming $76,000 would open the door to a relief move toward $80,000.

Adding to the technical backdrop, Bitcoin’s volatility recently touched 1%, its lowest in two months — a compression that historically precedes renewed volatility, he said. In that sense, Powell’s remarks were a likely catalyst to reawaken price swings.

Featured image from OpenArt, chart from TradingView.com