In a June 24 analyst report, 10x Research’s founder Markus Thielen clarified that Bitcoin BTC
declining tickers: $61,193
technically seems to be challenging its support level and is now following a double-top pattern.
When price hits two comparable peaks with a little fall in between and maintains support above a common line called the “neckline,” a double-top pattern is formed. The price breaking below the neckline and maybe dropping by a length of time equal to the distance between the peaks and the neckline is usually when this pattern collapses.
“Bitcoin may move into a topping formation from its current trading range of 60,000–70,000, which could result in a steeper decline.”
Until it is shown otherwise, this chart formation ought to serve as our default scenario. According to Thielen, “as we’ve observed over the past three months, range trading is a complex phase, often marked by several false breakouts,” this pattern may easily see a decline below $50,000, if not $45,000.
“The average retail investor has historically been left vulnerable by topping formations, with many altcoins experiencing significant drops.”
The price might yet undergo a “steeper correction,” according to Thielen, even with the possible beneficial effects of the US elections and the Consumer Price Index (CPI) later in 2024. Since the April 20 halving event, well-known cryptocurrency traders have been making predictions about the price of Bitcoin. The incident reduced the block rewards for Bitcoin miners by 50%, from 6.25 BTC to 3.125 BTC.
According to cryptocurrency trader Jelle, the price behavior of Bitcoin is “chopping around the previous cycle highs” and is continuing to unfold “similarly” from the 2016 halving cycle.
In a June 24 X post, Jelle said, “More and more fud is being offloaded at current prices,” adding that it is a result of “shakeout effects.”
“Either it’s almost over, or a bottom is almost here.”
The cryptocurrency dealer Rekt Capital thinks there’s a good chance things will continue to rise shortly. He said that the market is around 40% into the “bull market” phase in a post from June 24.
