Will Bitcoin drop another 50% from its current price? Will it fall into the single digits?

Currently, the 3-day Bitcoin candlestick chart shows the MA50 and MA200 moving averages forming a "death cross." Historically, whenever this happened, it marked the final dip of a bear market, with a decline of about 50%.

Let's look at the history:

December 2014, "death cross," bottomed out one month later, dropping 52.19% from about $600 to $287;

November 2018, "death cross," bottomed out one month later, dropping 50.56% from about $6,500 to $3,216;

May 2022, "death cross," bottomed out six months later, dropping 45.91% from about $39,000 to around $15,500;

If history repeats itself, Bitcoin could reach as low as around $34,000 by the end of March at the earliest, or by September at the latest, down from the current $67,000. This price also aligns with the maximum bear market decline of about 70%.

Of course, history doesn't repeat exactly, but it often rhymes!