Bitcoin, which experienced a serious decline after its ATH of 73 thousand dollars in March, started the new week with a decline and fell to the level of 62,170 dollars.
BTC, which has been on a bumpy road in June, has now fallen below $61,000 after reaching over $70,000 earlier this month and approaching its all-time high in March.
While investors wonder whether the decline in Bitcoin will continue, 10X Research founder Markus Thielen warned that the decline may continue.
Markus Thielen, who was successful in his predictions, stated that BTC formed a double top formation but was still testing support levels.
At this point, the analyst stated that BTC could easily fall to $ 50,000 unless the double top formation is invalidated, and 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 steeper 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.
