Bitcoin Analysts Predict Potential Drop Below $50,000

Several Bitcoin analysts now believe BTC could fall below $50,000 due to a “double-top price pattern,” according to Cointelegraph. Markus Thielen of 10x Research noted that Bitcoin’s repeated failure to break higher resistance levels has formed this pattern, currently testing its support.

A double-top pattern, where the price peaks twice with a slight dip in between, usually leads to a steeper decline when the price falls below the “neckline.” Thielen suggests Bitcoin could drop to $50,000 or even $45,000 if the pattern holds.

Despite potential positive impacts from the upcoming U.S. elections and CPI data later this year, a significant correction remains possible. Crypto trader Jelle and Rekt Capital believe that while the current dip offers a buying opportunity, further volatility is expected before Bitcoin potentially enters a “parabolic uptrend.”