Bitcoin’s recent price structure has not been easy to sit through. The price action has spent months moving sideways to lower, printing a series of bearish monthly closes since October that have placed the crypto sentiment in fear. That kind of slow pressure tends to feel worse than sharp sell-offs.
According to a crypto analyst, instead of treating the recent stretch as a warning sign of more declines to come, history shows that the Bitcoin price is much closer to a turning point than most participants realize.
The 2018 Parallel: Six Red Candles, Then A 4x Move
“With the ongoing panic, buying makes more sense here,” the analyst wrote, adding that Bitcoin could reach another all-time high following this move. The chart evidence they cite stretches back to late 2018 to early 2019, the only other time Bitcoin printed six straight red monthly candles.
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This period between 2018 and 2019 is one of the most instructive chapters in Bitcoin’s price history, and what happened next reshaped the entire cycle.
From August 2018 through January 2019, Bitcoin closed six consecutive red monthly candles in a descent that took the price from about $7,700 all the way down to approximately $3,500. Sentiment had fully deteriorated, retail participants had largely capitulated, and to the average observer, the price action looked broken.
However, that was not the case. Those six months actually forced out weaker hands, absorbed persistent sell pressure, and quietly built the base for what came next. By May 2019, Bitcoin had surged to nearly $10,500, more than a 3x gain from its cycle lows. By June, it was pressing $13,000, representing more than a 4x return from the lows of that six-candle decline.
Bitcoin Price Chart. Source: @ourcryptotalk On X
A Familiar Pattern In A Very Different Market
Bitcoin’s current price action, while not identical, shares some of those characteristics. The current price play out looks much like that 2018/2019 sequence in structure, but the context is also more constructive.
Bitcoin’s consecutive red monthly candles since October 2025 brought the price from a peak above $126,000 down to lows below $70,000, which is a controlled pullback of over 45% from the high. Painful by conventional standards, but measured in the context of Bitcoin’s historical drawdowns.
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As noted by the analyst, the candles are red, but they’re not impulsive. There’s no panic structure, just steady selling pressure that’s been absorbed over time. However, while retail sentiment has deteriorated across the multi-month decline, institutional buyers have been moving in the opposite direction. Strategy, the world’s largest corporate Bitcoin holder, has accumulated over 122,000 BTC during this period.
Bitcoin Price Chart. Source: @ourcryptotalk On X
If the 2019 recovery template applies at any comparable scale, a 3x to 4x move from recent lows would place Bitcoin somewhere between $180,000 and $250,000 in the months ahead. Even a more conservative 2x recovery from the $67,000 range would put the Bitcoin price trading at new all-time highs above $130,000 in the coming months.
Featured image created with Dall.E, chart from Tradingview.com