The current Bitcoin market structure mimics the moves seen in late 2019. In his recent price prediction, he believes that Bitcoin prices will be bearish, even though recent price trends suggest the opposite.

Analysts expect Bitcoin to fall to $20,000 in bear market

The chart below shows that Bitcoin traded in a narrow triangle pattern that peaked at $10,000 in late 2019 and early 2020. It quickly broke through resistance into uncharted territory.

However, the price breakout move was short-lived as BTC subsequently fell below the critical support level of $3,250. Rekt Capital predicts similar behavior when the price approaches the upper levels of the current channel.

If the prediction is correct, Bitcoin could return to $20,000 or drop to the current cycle low of $15,000.

The current Bitcoin market shows that BTC price is currently at its highest level in 2023. But after the price drops, there may be an accumulation period before rising to a parabolic uptrend (green).

Long-term Bitcoin price prediction

While this analysis means Bitcoin holders could suffer short-term losses, Rekt Capital believes it will benefit those in it for the long term. This pullback could be just the latest in a series of previous pullbacks to the $20,000 level.

“The upcoming Bitcoin halving could lead to an ATH in price,” Rekt Capital concluded.