Is Bitcoin About To See A Repeat Of 2020-2021? What Happened After The Last Flash Crash

On October 20, 2025, the crypto market saw a major flash crash that sent Bitcoin down 20%, and altcoins suffered between 50% and 80% losses as a result. Reports from data trackers show that more than $19 billion in leveraged positions were liquidated as a result. This led to the largest liquidation event in the crypto industry up until that point, leading to comparisons and speculations that this could be a repeat of the infamous COVID-19 crash of 2020.

One of the key crypto players who has pointed out that the current cycle could be similar to that of 2020 is crypto analyst Rekt Fencer. Fencer took to X (formerly Twitter) to share with their over 330,000 followers, a side-by-side chart showing the 2020 performance compared to what is happening now in 2025.

To put this in perspective, back in 2020, the crypto market suffered a flash crash where the Bitcoin price fell by more than 50%, and the altcoin market followed. This was a result of the COVID-19 lockdowns that were announced around the world in a bid to curb the spread of the virus.

In response to the shutdowns, the stock market had crashed, taking Bitcoin and the crypto market down with it. This led to over $1.2 billion in daily liquidation, which at the time was the most significant liquidation in crypto history. However, this figure now pales in comparison to the over $19 billion in liquidations that were recorded last week.

Despite the disparity in the liquidation volumes, crypto analyst Rekt Fencer believes that this could lead to a repeat of what happened after the COVID-19 crash. Back then, the bounce from the crash had been rapid. By 2021, one year later, the entire crypto market had risen to new all-time highs.

Taking that performance and using it to map out the Bitcoin and crypto market performance after last week’s crash, it would mean that the market is ready for another bull run. It would also put the market at the bottom of the bull run, meaning that the Bitcoin price is far from its all-time high price.

Rekt Fencer explains that “History is about to repeat itself” and “The real move starts when everyone thinks it’s over.” Thus, another explosive rally could be right on the horizon, if this isn’t the start of a bear run.