Analyst Rekt Fencer has published a 3-day ratio chart tracking Bitcoin against the Nasdaq index, drawing attention to three major drawdowns in the BTC/Nasdaq ratio. The first, in 2018, came in at roughly -84.9%. The second, in 2022, was about -80.7%. In 2026, the ratio is currently down around -54.3%. Fencer notes that after the first two episodes of Bitcoin falling so far behind the Nasdaq, BTC did not stay weak for long. Instead, it went on to produce very strong independent rallies, with prices moving straight up. Now that the ratio has dropped sharply once more, Fencer sees the possibility of a third repeat. In his assessment, a bottom is close and Bitcoin is set to regain strength against the Nasdaq and in absolute terms. The signal rests on the historical pattern visible in the 3-day ratio chart.
Analyst Rekt Fencer has published a 3-day ratio chart between BTC and the Nasdaq index, flagging three significant drawdowns: about -84.9% in 2018, roughly -80.7% in 2022, and approximately -54.3% in 2026.
Three sharp drawdowns
Fencer said that after the first two instances when Bitcoin lagged the Nasdaq by such a wide margin, very strong independent rallies followed and prices climbed sharply.
Bottom close?
With the ratio falling hard again, history may be repeating itself for a third time. The analyst believes a bottom is near and BTC is set to regain strength.
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