The cryptocurrency market is on high alert as Bitcoin's price struggles to stay afloat. Despite reaching a peak of $71,000 on June 5, Bitcoin's value has been declining, leaving investors anxious about its future. As of June 29, Bitcoin's price stands at $60,845, sparking concerns that it may plummet to $55,000.

Bitcoin's recent performance has been a cause for concern, with a 30-day change of -10.1% and a 7-day change of -5.4%. The price has been oscillating between $60,000 and $61,800 this week, leaving many to wonder if it will recover or continue to fall.

Several factors are contributing to the potential decline of Bitcoin. Trend models indicate a downtrend, and technical indicators suggest a broader correction. The weekly RSI has been declining since early March, and the monthly Stochastics resemble previous multi-month peaks, such as in January 2018 and May 2021. Additionally, the double-top price pattern formed by Bitcoin's repeated failure to break above higher resistance levels suggests a potential drop.

The impact of the halving event on April 20 has also been a topic of discussion among crypto traders. Some, like trader Jelle, have noted similarities to the 2016 halving cycle. Bitcoin is currently in a consolidation phase following a historic bull run driven by the launch of spot US Bitcoin ETFs and the halving event. However, the price has declined over 16% since its March 14 peak of $73,797.

In conclusion, the future of Bitcoin's price remains uncertain. While some experts predict a potential drop to $55,000, others believe it will recover and continue to rise. As the market navigates these challenging times, investors are advised to exercise caution and stay informed about the latest developments.