A handful of Bitcoin analysts now believe BTC price is headed below $50,000. Cointelegraph explores why.
The frequency of Bitcoin failing to break above higher resistance levels has lead to the formation of a “double-top price pattern,” that could potentially lead to a “steeper decline” to $50,000, according to a crypto analyst.
Founder of 10x Research, Markus Thielen, explained in an analyst note on June 24 that Bitcoin (BTC) appears to be following a double-top pattern technically and is currently testing its support level.
A double top pattern forms when the price reaches two similar peaks with a slight dip in between, maintaining support above a common line known as the "neckline." This pattern typically resolves when the price breaks below the neckline, potentially falling by an amount equal to the distance between the peaks and the neckline.
