Bitcoin (BTC) Price Analysis and Prediction: Double Top Pattern Points to a New Low Target of $50K

Following Bitcoin’s (BTC) ongoing attempts to establish its price above the $65,000 support zone, a trading expert believes that technical analysis

A trading expert believes that technical analysis points to a more bearish scenario for Bitcoin (BTC) following its ongoing attempts to establish its price above the $65,000 support zone.

In a TradingView post on June 18, the expert, Alan Santana, highlights a double top pattern that formed on May 21 and again in early June, setting off a bearish signal. This pattern usually signifies a reversal from a bullish to a bearish trend.

Santana also notes that a consistent decrease in trading volume supports the bearish sentiment, since lower volumes usually indicate waning buying interest that could lead to a price drop.

According to the expert, these accumulating bearish signals could lead to a new low for Bitcoin, with its immediate support levels pegged at $62,470 and a more critical level at $59,883. Last week, Bitcoin’s lowest price point was recorded at $56,552, and Santana's analysis suggests that the coin could potentially reach $55,000, $52,000, or even $50,000 in the short term.

Santana anticipates a major momentum shift around June 21-23, which could lead to increased volatility and substantial price movements.

“Today’s price action for Bitcoin was characterized by a strong rejection. We have bearish signal after bearish signal. This points to a new low happening soon. The last low is set at $56,552,” the expert noted.

Regarding critical levels to watch, the analyst noted that if Bitcoin breaks below $59,856, it may test the previous low of $56,552. However, if the price breaks above the descending channel, it could signal a potential reversal, but it would face strong resistance around $67,485.

Santana's analysis aligns with the overall bearish sentiment surrounding Bitcoin after the premier crypto failed to reach the $70,000 mark. Notably, another analyst, TradingShot, warned that Bitcoin might be in line for further capitulation if the $61,000 support zone fails to hold, as reported by Finbold.

At the moment, BTC is trading at $65,430, down by 0.30% in the last 24 hours and 4% over the past week.