Bitcoin at $68K, but Analyst Warns Bear Market Could Get Much Worse

Bitcoin had a pretty volatile week. Earlier in the week, the BTC price pushed above $73,000, giving bulls hope that the market might be ready for another breakout. That move didn’t last long.

Selling pressure returned quickly, and Bitcoin slipped back toward $68,000, losing around 3% on the day at the time of writing. The pullback has restarted a familiar debate in the market; was the recent rally just another bounce inside a broader downtrend?

One analyst believes the answer might surprise many investors.

CryptoCon Says the Bear Market May Only Be Starting

Crypto analyst CryptoCon shared a chart and a warning on X. His message was pretty easy to understand: many people may be underestimating how painful a bear market can become.

According to his post, the market has already seen multiple calls for a bottom. Some appeared in November last year, and new ones are starting to show up again as price dips. But he believes that pattern is normal during the early stages of a deeper decline.

The chart he shared is based on what he calls “Chandelier Phases,” a framework that divides each Bitcoin cycle into several stages.

In this model, the market currently sits in Phase 3, which represents the early part of a bear market. Historically, this stage is when the price starts to roll over after a strong cycle and when many investors begin calling bottoms too early.

CryptoCon argues that this phase can last longer than most people expect.

Bitcoin’s Real Bottom Comes in Phase 4

In the Chandelier model, the final stage of the cycle is Phase 4, labeled as the bear market ending phase. This is when Bitcoin typically touches what the chart calls the cycle bottom or reset zone.

Looking at past cycles on the chart, these bottom zones appeared during key moments such as January 2015, December 2018, and November 2022. Each time, Bitcoin spent months declining and consolidating before finally reaching that reset area.

CryptoCon believes the current cycle has not reached that point yet.

His message to investors is based on lessons learned from watching previous market downturns. First, he says it’s important not to rush into positions too early while the process is still unfolding. Second, he points out that the best buying opportunities usually appear when the market feels the most uncomfortable.

In other words, the moment when buying feels like the worst decision often turns out to be the right one in hindsight.

For now, Bitcoin’s move back toward $68,000 shows that uncertainty still dominates the market. Is the current pullback just another short-term correction or the early stages of a deeper bear phase? This remains one of the biggest questions facing crypto investors.

Read also: Claude AI Predicts the Price of Bitcoin and Ethereum If the CLARITY Act Passes

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