The price of Bitcoin has struggled to make a sustained move higher over the past few weeks, with the price recently failing to break above $74,000 last week. However, the prime cryptocurrency seems to have deeper problems than the failed price recovery efforts. According to a crypto market expert, the price of Bitcoin is at a stage reminiscent of the low period of 2022.
Will BTC witness a repeat of 2022?
In a March 8 post on the X platform, Chartered Market Technician Tony Severino shared some interesting insights into the current state of the Bitcoin market. A crypto expert has hypothesized that the world’s largest cryptocurrency will have to endure a period of decline related to the collapse of the Terra Ecosystem (LUNA) in 2022.
The reason behind this assessment is the steady decline of the Moving Average Convergence Divergence (MACD) indicator on the two-week BTC price chart. MACD is a prominent momentum indicator used in technical analysis to identify trend direction, momentum reversals, and potential entry and exit positions.
Usually, the moving average convergence indicator has two lines: the MACD line (green) and the signal line (red) and a histogram that reflects the distance between the two lines mentioned above. The histogram, which is the main momentum indicator, is currently showing a strong momentum.
This observation is because the bars of the histogram are expanding, showing increasing momentum in the current direction (which is bearish because the bars are below the neutral or zero line). According to Severino, the MACD indicator is even rising to levels not seen since 2022, when the collapse of the Terra Ecosystem (LUNA) sent bear shock waves throughout the crypto market.
Momentum 2W Bitcoin LMACD is about the same point before Luna collapse in 2022
It is possible that something unpleasant will happen
How do you manage your risk? And you even know how? pic.twitter.com/SFzsYJxiZc
— Tony Severino, CMT (@TonySeverinoCMT) March 8, 2026
Source: @TonySeverinoCMT on X
A crypto market analyst said, “something bad is likely to come,” hinting that another crypto winter could be just around the corner. Following Terra’s collapse in May, the leading cryptocurrency has fallen from $50,000 to around $30,000 by July 2022 – a nearly 40% drop.
However, it should be noted that the market may have already priced in what is seen in the MACD indicator, which is often considered a lagging indicator. Moreover, Bitcoin has already lost about 30% of its value in 2026.
Bitcoin price at a glance
At the time of writing, the price of BTC is around $67,520, reflecting no significant movement in the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image of DALL-E, chart from TradingView
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