Bitcoin has been on a downward trend recently, and after several recoveries, it is still far from its all-time high. A variety of indicators indicate bullish and bearish tendencies, although they mostly appear to be in the center.
The fractal was first noticed by CryptoBullet, an independent market watcher, and depicts Bitcoin replicating an inverse head-and-shoulders (IH&S) pattern that foreshadowed its price drop to $3,100 later in December 2018. As a result, there’s a chance that BTC’s price will fall by the same amount in 2022.
This is due to the significant similarities in pricing trends between the price declines in 2018 and 2021–2022. For example, while developing the IH&S pattern, Bitcoin made two higher highs in April and May 2018 over $10,000 before plummeting below $6,000 in July.
Bitcoin, interestingly, followed a similar price pattern from October 2021 to February 2022, hitting two higher highs — near $65,000 in April and $69,000 in November. In early February, the price corrected to below $33,000, establishing another IH&S pattern.
BTC is now waiting for a breakout move towards or over $50,000, as IH&S is a bullish reversal pattern. Market researcher Lark Davis predicts Bitcoin will surpass $60,000 based on a similar technical scenario.
Source: https://coinpedia.org/bitcoin/bitcoin-btc-price-might-drop-below-30k-if-history-repeats-heres-why/