Experts Predict Bitcoin Could Fall to $50,000
According to cryptocurrency analyst Markus Thielen, Bitcoin’s failure to break above the $72,000 mark has led to the formation of a “double-top” price pattern, potentially pushing the price down further to the $50,000 level.
In an analysis note on June 24, Thielen, founder of 10x Research.
A double-top pattern forms when the price reaches two similar peaks with a slight dip in between. This pattern typically completes when the price breaks below the “neckline,” potentially leading to a further decline equal to the distance between the peaks and the neckline.
Thielen also pointed out that double-top patterns often lead to significant losses for retail investors, with many altcoins experiencing substantial drops during this period.
While events like the upcoming U.S. elections and the Consumer Price Index (CPI) could have positive impacts later this year, Thielen cautioned that Bitcoin could still face a “sharp correction” in the short term.
After Bitcoin’s halving event on April 20, where the miner’s reward was cut from 6.25 BTC to 3.125 BTC, many prominent cryptocurrency traders are speculating about Bitcoin’s price.
Trader Jelle noted that Bitcoin’s price action is still playing out “similarly” to the post-halving cycle in 2016 and is “trading around previous cycle highs.”
