Let's have a look at the charts and compare it to the 2017 bull market -- and more specifically the 20 week moving average (in my charts below I use daily candles to get a better resolution together with 140 daily MA, but that's the same as 20W MA (140D / 7D = 20W)).

In 2017, after BTC broke its previous ATH, the price touched the 20W MA three times (blue line) before the blow-off top at ~$20k (see 1, 2, and 3 @ 2017).



In the current bull market, BTC has yet to touch the 20W MA. However, we are pretty close now with the 20W MA at ~$45,000 (see 6 @ 2021).



I'm not saying that the price is going to behave exactly as it did back in 2017, but it can give us an indicator of what to expect. This recent downtrend is nothing out of the ordinary.

Mid-May to mid-July 2017 looks awfully lot like today. Back then the price consolidated between ~$2,000 to $3,000 for two months. After that, it dumped quickly to ~$1800 before reaching new heights. Today the price has consolidated between $50,000 to $60,000 for two months, and just recently it dumped below $50,000.

Other trading tools are also indicating that this is near the bottom. If we look at the daily RSI for instance, It only dropped below 30 two times in 2017 (see 4 and 5 @ 2017). Today it's at 32 (see 7 @ 2021) and the lowest it has been since the Covid dump last year (just like ivomm mentioned in his post).

Apart from TA, on-chain analysts suggest this is the bottom as well, such as CryptoQuant, Glassnode and Willy Woo.

We might not have seen the absolute bottom yet, but I bet this price below $50,000 is going to be short lived.