10X Research founder Markus Thielen warns that Bitcoin’s downward trend will likely continue and push BTC prices down to $50,000.
At the present time, at the moment, Bitcoin is experiencing its most severe decline this year after reaching an all-time high of over $73k in March. Starting the new week, Bitcoin has seen a significant decline and The price has dropped below around $61,149.
While the crypto community is stunned by BTC’s price action over the past few hours and investors are wondering Will Bitcoin’s price decline continue?
To answer this question, founder of 10X Research, Markus Thielen dwarned that the downtrend may continue due to the following factors.
#Bitcoin Double Top? Is It Time to Panic? How Low Prices Could Plunge?
👇1-11) Bitcoin continues to tumble, and liquidity sharply declines with falling prices. Many are afraid to look at their crypto holdings and take action. Bitcoin prices are still relatively high, but this… pic.twitter.com/33hmmt0blj
— 10x Research (@10x_Research) June 24, 2024
In a post on his social network X, Thielen stated that BTC has formed double top pattern and is testing new support levels. In addition, he also shared how deep the price of BTC can fall.
The analyst has made a prediction based on the double top pattern that BTC could easily dropped below 50,000 USD.
However, he also shared that this trend could end when the double top pattern is invalidated and stated that PCE data will be announced this Friday is so important, it could help Bitcoin escape the downturn.
Finally, Thielen points out that the upcoming US presidential election and the CPI could be important factors Bitcoin price increase towards the end of this year, but before reaching new gains, BTC will undergo a strong correction.
He told his users:
Technically, Bitcoin appears to be forming a double top, but support is being tested.
According to this model, BTC could easily fall to $50,000, if not below $45,000.
(…)
Ultimately, the US election and CPI will push Bitcoin prices to new highs later this year, but we are in for a sharp correction.
How much Bitcoin price can fall depends on many other dynamics in the market, but for now we may have to wait. PCE price index and inflation data that the Fed is watching when making its decision on interest rates, which will be announced on Friday.
Famous analyst explains why Bitcoin price cannot recover
