10x Research founder: Bitcoin's recent "double top" pattern may indicate a further drop in prices to $50,000 (from Coinsradar.net)

Markus Thielen, founder of crypto research firm 10x Research, pointed out that Bitcoin (BTC) has recently formed a "double top" pattern, a typical bearish trend signal that may indicate a further drop in prices to $50,000.

After approaching a high of $70,000 this month, Bitcoin has fallen back to $63,000, affected by accelerated selling by miners, investors taking profits at high points, and outflows from U.S.-listed spot exchange-traded funds.

Although the U.S. election and consumer price index (CPI) data may bring positive news this year, Bitcoin is currently at risk of a deeper correction. In addition, the Federal Reserve's preferred inflation indicator, the personal consumption expenditures (PCE) price index, is about to be released, and is expected to show the lowest monthly growth in core data in more than three years, which may prompt the Federal Reserve to cut interest rates in September, thereby providing support for risk assets including Bitcoin.

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