10x Research Founder: Bitcoin Double Top Indicates BTC May Drop to $50,000

ChainCatcher news, 10x Research founder Markus Thielen stated that, from a technical perspective, Bitcoin seems to be following a double top pattern, and the support level is being tested. Unless this pattern fails, it should be our base case. The pattern could easily drop to $50,000, or even $45,000.

It is reported that this is a bearish technical analysis pattern consisting of two peaks and a trough in between, typically occurring after a significant uptrend. The second peak represents the exhaustion of the uptrend, and a break below the low between the two peaks confirms the bearish trend reversal.