The frequency of Bitcoin failing to break above higher resistance levels has lead to the formation of a “double-top price pattern,” that could potentially lead to a “steeper decline” to $50,000, according to a crypto analyst.A double top pattern forms when the price reaches two similar peaks with a slight dip in between, maintaining support above a common line known as the"neckline.
“Topping formations have historically left the average retail investor vulnerable, with many altcoins experiencing significant drops.”Crypto trader Jelle said Bitcoin’s price action is still playing out “similarly” after the 2016 halving cycle and is “chopping around the previous cycle highs.”Crypto trader Rekt Capital believes there’s considerable potential for further upward movement in the short term. In a June 24 post he said, the market is approximately 40% through the “bull market” phase.
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