According to recent market presentations, Bitcoin’s current structure increasingly resembles the 2022 bear market phase, when the industry faced cascading liquidations and the collapse of major players.

Analysts point to several similarities:

• rising realized losses across cohorts
• weak momentum despite positive narratives
• heavy overhead supply from trapped buyers
• liquidity fragility under macro pressure

The comparison does not necessarily imply an identical outcome. However, structurally, the market shows signs of stress, distribution, and reduced upside responsiveness — characteristics typical of late-cycle downside phases.

For traders, the key risks include:

• false breakout attempts
• volatility spikes on negative catalysts
• sentiment-driven liquidation cascades

If 2022 serves as a historical reference point, risk management becomes more important than prediction.