Bitcoin is currently trading near $61,900, and some market commentators are drawing comparisons between the latest correction and the sharp downturn the cryptocurrency experienced in 2022. On X, analyst TARA argued that the current price structure closely resembles the macro wave 2 pattern seen previously. According to this view, Bitcoin’s latest moves might be mirroring the ABC corrective pattern observed during earlier significant downturns.
Recurring correction patterns
TARA explains that the 2022 decline followed a clear ABC correction format. The A wave took Bitcoin down from its November 2021 peak of $69,000 to roughly $33,000 by January 2022. This was followed by the B wave, which saw a rebound as the price recovered to $48,200 in March. However, the C wave accelerated selling pressure, pushing Bitcoin all the way down to $15,000 by November 2022.
Glossary: An ABC correction in technical analysis describes a three-stage pullback outside an asset’s main trend. Within Elliott Wave Theory, waves A and C are usually downward, while B represents a temporary recovery.
TARA points out that the present outlook could indicate the transition area between the end of the B wave and the start of the C wave.
According to this scenario, Bitcoin climbed as high as $82,800 in May. However, there is not yet consensus that this marks the definitive end of the B wave. TARA suggests that for confirmation, Bitcoin should at least bounce back toward $72,800 and face resistance at that level.
| Period | Level | Comment |
|---|---|---|
| November 2021 | $69,000 | Previous peak |
| March 2022 | $48,200 | B wave recovery |
| November 2022 | $15,000 | C wave bottom |
| Current | $61,900 | Current price tracked |
| Key threshold | $72,800 | Level watched for confirmation |
Watch for a swift decline
TARA also highlights that the 2022 C wave unfolded with remarkable speed. During that downturn, Bitcoin fell sharply, interrupted only by brief upside attempts. Within the first 12 weeks of the C wave, Bitcoin posted 11 consecutive weekly red candles, illustrating the severity and pace of the sell-off.
The analyst cautioned that the next major leg down could come faster than many expect.
In the example cited, the price dropped from $48,200 to $17,500 within a few weeks by June 2022. This time, TARA did not indicate a specific lower target but emphasized that in 2022 the C wave developed rapidly without clear warning signs, and the current pattern may follow a similar trajectory.
What happens after a bottom?
Looking back, the analyst notes that the bottom near $15,000 in November 2022 was followed by roughly nine weeks of sideways trading within a narrow band. The price action stayed muted during this phase, but once resistance levels were broken, a new upward trend was set in motion.
Following this rebound, Bitcoin surged from its lows to reach $126,200 in October 2025, delivering an eightfold increase. TARA argues that this rally completed the broader macro wave 2 formation. If the same structure emerges once more, Bitcoin could potentially break past its October 2025 high in the future. For now, however, the market is focused on determining which direction Bitcoin will take around the ongoing $61,900 range.
