Bitcoin may see its lowest price in several months
Bitcoin price, currently at $61,150, is holding above the $60,000 mark. However, the double top pattern on the weekly chart indicates a possible downward trend. A break below the neckline at $61,483 may find some support at $58,874, but the pattern suggests a target price of $50,982, a four-month low.
This decline is likely due to a “May sell and go” effect affecting Bitcoin ETF flows and general market volatility. A decline is likely unless Bitcoin rebounds from $60,000 or $58,847 and reclaims the $62,000 support, which would invalidate the bearish outlook.
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