Will the Decline in Bitcoin Continue? Renowned Analyst Shares Short-Term BTC Expectations, Warns About Price!
By Elif Azra Güven
Bitcoin, after reaching its all-time high of $73,000 in March, has been experiencing a significant decline and started the new week with yet another drop, reaching a level of $62,170.
Throughout June, BTC has been on a volatile path, falling below $61,000 after surpassing $70,000 earlier this month and nearing its ATH in March.
As investors speculate whether the decline in Bitcoin will persist, Markus Thielen, the founder of 10X Research and a successful analyst, warns that the drop may continue.
Thielen, known for his accurate predictions, points out that BTC has formed a double top formation and is currently testing support levels.
In light of this, the analyst suggests that unless the double top formation is invalidated, Bitcoin could easily fall to $50,000 and even potentially $45,000. However, Thielen believes that the Personal Consumption Expenditures (PCE) data, set to be announced this Friday, might offer some relief.
Additionally, Thielen highlights the upcoming US presidential elections and the Consumer Price Index (CPI) as significant factors that could drive Bitcoin’s rise later this year. However, he cautions that a sharp correction might occur before this upward trend.
“Technically, Bitcoin seems to be following a double top formation, and its support level is currently being tested. Unless this chart pattern is invalidated, we should consider it as our base case. According to this formation, BTC could easily experience a drop to $50,000, if not $45,000. While the US elections and CPI will likely push Bitcoin higher later this year, we may still encounter a steeper correction.”
The PCE price index, a key inflation indicator monitored by the Federal Reserve (FED) for interest rate decisions, will be announced on Friday.
Please note that this article does not constitute investment advice.
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