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ZUHYX:Bitcoin analysts forecast BTC price drop to $50K before parabolic run begins
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A handful of Bitcoin analysts now believe BTC price is headed below $50,000. Cointelegraph explores why.

 

The frequency with which Bitcoin fails to break above higher resistance levels has led to the formation of a “double-top price pattern,” which could potentially lead to a “steeper decline” to $50,000, according to a crypto analyst.

 

Markus Thielen, the founder of 10x Research, explained in an analyst note on June 24 that Bitcoin 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.

 

Thielen added that despite the potential positive impact of the United States elections and the Consumer Price Index (CPI) later in 2024, the price could still experience a “steeper correction.”

 

That suggests that the latest drop in BTC price below $60,000 gives buyers an opportunity to buy more on the dips before Bitcoin enters a “parabolic uptrend.”