Analyst warns candlestick pattern signals Bitcoin drop to $19,000
Analyst flags a repeat bearish setup in Bitcoin and calls risk to $19,000. Price bounced back above $70,000.
Market analyst Tony Severino warned that a weekly candlestick pattern in Bitcoin mirrors a prior cycle that broke below $20,000. He shared side‑by‑side weekly charts and projected a drop toward $19,000 if the structure plays out again on X, referencing the current structure and prior cycle behavior here and here.
He highlighted a rectangular consolidation followed by a pink rebound zone in both periods. He called the similarity “absolutely wild” and said the indicators are “almost exactly the same” in his post. The setup implies the rebound could fail and a move sub‑$19,000 could follow if history rhymes.
Skepticism followed. A community member argued a slide that deep would be Bitcoin’s largest retracement ever in reply, citing past drawdowns discussed here. Severino stood by his view, saying a 74% correction is possible and historically normal, and warned of more downside before a bottom forms in a follow‑up and analysis.
Price update. Bitcoin recovered above $70,000 after last week’s drop to $63,000 amid volatility and sentiment shifts here and here. Flows into US spot Bitcoin ETFs and easing Middle East tensions were cited as tailwinds by Bitcoinist.
