BTC-Nasdaq Ratio Flags Third Major Drawdown; Rekt Fencer Sees Bottom Near

Analyst Rekt Fencer has published a chart comparing bitcoin with the Nasdaq on a 3-day line. On that chart, he highlights three major drawdowns in the bitcoin-to-Nasdaq ratio. The first is around -84.9% and dates to 2018. The second is around -80.7% and dates to 2022. The third is the current reading, estimated at roughly -54.3% in 2026. All three figures are marked as approximate levels on the chart. According to the note carried by ChainCatcher, Rekt Fencer points out that after the first two severe underperformances against the Nasdaq, bitcoin did not stay weak. Instead, it delivered very strong independent rallies, and the price subsequently shot up in a straight line. He now observes that the ratio has dropped sharply again and argues that history may be repeating itself for a third time. In his assessment, the bottom is close and bitcoin will move higher again. His view is based on the repeated drawdown pattern visible in the 3-day ratio chart.