$BTC about to perform a double top pattern and dump below 50k$? 😫😫

After closing last week's candlestick, BTC pulled back quite nicely to 63k$, but this week it "went bad" and returned to test the important milestone at 58k$.

In the communities, many people are worried that BTC will break the neckline in the double top model and dump hard to the next hard support at $45k.

👉From my perspective, this plan can still happen, but it won't happen suddenly and it's unlikely to cause altcoins to drop as shockingly as in the past 3 months.

In other words, $BTC will slowly decrease to $50k, then accumulate for a few months to continue growing. During that time, there will be a few weekly candlesticks sweeping down to $45 - 48k to hunt for stoploss and destroy leveraged long orders.

🔥Why do I have such comments?

💵First, on the weekly frame, BTC's RSI has decreased to 38.1%. When Bitcoin drops to $50k, RSI will likely reach the "oversold" level at 20%.

In the past, every time the 1W frame RSI was in an "oversold" state, BTC price did not continue to fall deeply, but instead would move sideways and wait for growth.

The fact that the weekly RSI is "oversold" will also bring Bitcoin's monthly RSI back to the average 50% area, favorable for the next price increase.

💵The second reason is the production cost of one coin $BTC .

According to information from mining factories in Vietnam and internationally, the production cost of 1 BTC is currently fluctuating around $40 - 45k and will increase depending on weather conditions and electricity prices in each region.

Therefore, logically, the average Bitcoin price on the market in the long run will have to be higher than this level for miners to maintain stable profits.

In short, $50k will be a good price range to collect more BTC.