Crypto expert Tony Severino has opined that Bitcoin isn’t just showing signs of a yearly top but also that the BTC price may have hit a 16-year cyclical peak. This comes amid the flagship crypto’s recent crash to $60,000, which sparked fears of a bear market. In an X post, Severino referenced the yearly Bitcoin chart, suggesting it resembles a 16-year cyclical peak rather than merely a yearly top.

Severino outlined several indicators that suggest a major cyclical top for Bitcoin. He noted a consistent decrease in the size of white candlesticks, while black candlesticks have increasingly engulfed more white candles over time. This pattern raises concerns about the future trajectory of Bitcoin's price.

Additionally, Severino pointed out specific technical indicators that are signaling bearish trends. The Doji at the top of a rising wedge pattern, coupled with the Evening Star formation, serves as a bearish reversal signal. Furthermore, the Fischer Transform is crossing bearish with divergence, and the Stochastic is also crossing bearish after being rejected from the 80 level.

The Relative Strength Index (RSI) is also falling back below 70 after previously surpassing this crucial level on the highest timeframe chart. This analysis comes as Bitcoin's price continues to decline, leading many to believe that the crypto market may be entering a bear market after peaking last October.

Bitcoin recently dropped to as low as $60,000, marking its largest daily decline since the infamous FTX collapse. Veteran trader Peter Brandt concurs with the bearish sentiment, suggesting that Bitcoin could plummet to as low as $42,000 before it finds a bottom.

When addressing the reasons behind the recent Bitcoin crash, BitMEX co-founder Arthur Hayes suggested that external factors played a significant role. He speculated that the BTC price dump was likely a result of a dealer hedging based on BlackRock’s BTC ETF structured products.

Notably, BlackRock’s IBIT saw a staggering trading volume of $10 billion on the day of Bitcoin's crash to $60,000. Hayes' comments come after Bitcoin's brief rebound above $70,000, which recorded one of its largest daily gains following the crash.

Galaxy Digital’s Head of Research, Alex Thorn, has also weighed in on the situation, suggesting that the drop to $60,000 might actually indicate a bottom for Bitcoin's price. He highlighted that the 200-week moving average, which is around $60,000, has historically served as a strong entry point for long-term investors.

As it stands, Bitcoin is trading at approximately $70,000, reflecting a notable increase of over 6% in the last 24 hours, according to data from CoinMarketCap. The market remains uncertain and volatile, but some analysts believe that the current price levels could present a lucrative opportunity for long-term holders. Investors are urged to remain vigilant and consider market trends before making any decisions.