While Bitcoin is trading around $61,900, some analysts are comparing the current pullback to a sharp correction in 2022. Market commentator TARA, in his evaluation on X, stated that the price structure is similar to the macro wave 2 pattern seen before. Accordingly, Bitcoin’s current movement may be following a course similar to the ABC structure followed in the previous major correction.
Structure similar to 2022
According to TARA, the 2022 decline progressed as a clear ABC correction. In wave A, which started after the peak of $ 69,000 seen in November 2021, Bitcoin dropped to approximately $ 33,000 in January 2022. In the next phase, wave B came into play and the price showed a recovery heading towards $48,200 in March 2022. However, with the C wave, the selling pressure accelerated again and the price dropped to approximately $15,000 in November 2022.
Mini dictionary: ABC correction refers to a three-stage retracement structure of the price outside the main trend in technical analysis. In the Elliott Wave approach, A and C are generally bearish, while B is a temporary recovery.
TARA stated that the current outlook may point to the region between the end of wave B and the beginning of wave C.
In the scenario pointed out by the analyst, Bitcoin previously rose to $82,800 in May. However, the view that this level is confirmed as the definitive end of wave B is not yet clear. TARA argued that for confirmation of this phase, the price should react towards at least $72,800 and create resistance in this region.
| Period | Level | Explanation |
|---|---|---|
| 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 |
| critical threshold | $72,800 | Level monitored for confirmation |
Rapid decline warning
TARA also reminded that the C wave in 2022 is developing quite rapidly. According to the analyst, at that time, Bitcoin declined sharply with limited reaction increases. In the first 12 weeks of wave C, BTC formed 11 red candles on the weekly chart, and a picture emerged where the sales deepened in a short time.
The analyst warned that the next big leg of decline could develop faster than many expect.
In the example given, the price fell from $48,200 to $17,500 in a few weeks by June 2022. TARA did not share a specific downside target this time. On the other hand, he said that the C wave in 2022 developed without any clear preliminary signals and that the current structure may follow a similar path.
An example of recovery following a bottom
The analyst stated that after the bottom at approximately $ 15,000 in November 2022, the market remained horizontal in a narrow band for approximately nine weeks. While the price movement remained calm during this period, a new upward phase began after the resistance zone was overcome.
Following this recovery, Bitcoin showed a performance exceeding 8 times, rising from the bottom levels to $ 126,200 in October 2025. TARA suggested that this rise complements the broader macro wave 2 structure. According to the analyst, if a similar structure occurs again, Bitcoin may exceed the October 2025 peak in the future. However, for now, the market is focused on the direction in which the movement around $61,900 will evolve.
