10x Research Founder: The recent "double top" pattern of Bitcoin may indicate that the price will further drop to 50,000 US dollars

PANews reported on June 24th, according to CoinDesk, Markus Thielen, the founder of crypto research company 10x Research, pointed out that Bitcoin (BTC) has recently formed a "double top" pattern, which is a typical bearish trend signal and may indicate that the price will further fall to $50,000. After reaching close to $70,000 this month, Bitcoin has fallen back to $63,000 due to accelerated selling by miners and investors taking profits at high points as well as capital outflows from US listed spot exchanges. Despite potential positive impacts from the U.S. election and Consumer Price Index (CPI) data within this year; currently Bitcoin still faces deeper correction risks. In addition,the Federal Reserve's preferred inflation indicator - Personal Consumption Expenditures (PCE) Price Index is about to be released soon; it is expected to show the lowest monthly growth in core data for more than three years which could prompt the Fed to cut interest rates in September thus providing support for risk assets including Bitcoin.