Having experienced a serious decline after its ATH of 73 thousand dollars in March, Bitcoinstarted the new week with a decline and dropped to $62,170.
Following a bumpy road in June BTCwhich rose above $70,000 earlier this month, approaching its all-time high in March, and has now fallen below $61,000.
While investors wonder whether the decline in Bitcoin will continue, 10X Research founder Markus Thielen warned that the decline could continue.
Markus Thielen was successful in his predictions BTC has formed a double top formation However, he stated that he was still testing support levels.
At this point unless the double top formation is invalidated BTC could easily drop to $50,000 The analyst stated that the PCE data to be announced on Friday this week may bring relief.
Thielen recently pointed out that the US presidential elections and CPI may be important factors that will cause Bitcoin to rise later this year, but there may be a sharp correction before this rise.
“Technically, Bitcoin appears to be following a double top formation, but the support level is being tested.
This chart pattern should be our base case unless it is invalidated.
According to this formation, BTC could easily see a drop to $50,000, if not $45,000.
Yes, the US elections and CPI will push Bitcoin higher later this year, but we could still experience a harsher correction.”
The PCE price index, the leading inflation data that the FED follows when making interest rate decisions, will be announced on Friday.
*This is not investment advice.
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