Jun 24, 2024

Bitcoin has carved out a double-top price pattern, signaling a potential bearish trend.

Video transcript

The chart of the day is presented by crypto.com, the leading crypto platform trusted by over 100 million users worldwide. Let's take a look at the chart of the day. Could Bitcoin hit $50,000? Well, with Bitcoin down more than 4% today, some are wondering how low can it go? Ted X founder Marcus Thiele finds that price action has formed a double top a bearish technical analysis pattern comprising two peaks with the valley in the middle, usually appearing after a notable uptrend. The second peak represents uptrend exhaustion with an event breach of the low hit between the two peaks, confirming a bearish trend change. Thin said this chart formation should be our base case. Unless it becomes invalidated. This formation could easily see a drop to $50,000 if not $45,000. That's it for today's chart of the day. I'm Jen Sani. We'll see you next time to unpack more of the data behind top news stories.

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