The current worst case scenario involves a 28% wick below the 200-week moving average, one theory suggests.
Bitcoin (BTC) could be in for a return to levels not seen since before its 2020 bull market if history repeats itself.That was according to new analysis released on May 24, which studied Bitcoin's interaction with its 200-week moving average (WMA).Bitcoin floor target could be between $15,500 and $19,000In a Twitter thread, popular trader and analyst Rekt Capital explained how BTC/USD could behave should it fall to retest the 200WMA.A lifeline throughout Bitcoin's history, the 200WMA is a constantly rising line of last support that has never been definitively broken. Currently sitting at around $22,000, data from Cointelegraph Markets Pro and TradingView shows that the level continues to act as a line in the sand when it comes to bear markets.In times past, Rekt Capital notes, Bitcoin has been "wicked" below the 200WMA — briefly capitulating before rising back above, allowing it to remain as support and not instead flip to resistance.Those wicks, however, have involved up to 28% of the spot price, meaning that should a similar wick occur now, Bitcoin would end up at $15,500."BTC tends to wick -14% to -28% below the 200-MA.