The cryptocurrency market is experiencing high volatility, and Bitcoin, the largest cryptocurrency, is no exception. Despite its current price of $61,500, Bitcoin faces a potential drop to $50,980, a level not seen in four months. This prediction is based on a double top formation on the weekly chart, indicating a downward trend.

The formation of a double top pattern suggests a high risk of a price decline. If Bitcoin fails to break above the neckline at $61,483, it may seek support at $58,874. However, if the price continues to drop, it could reach as low as $50,982. This potential decline is further supported by the "Sell in May and go away" mentality, which may lead to a sell-off in July.

Arbitrum, a leading Ethereum scaling solution, is experiencing strong network activity, but its token price is lagging behind its competitors. The token has been declining for weeks, forming a head and shoulders pattern, which may lead to a further drop in price. The lack of demand and significant declines since early March have resulted in a 60% drop in the token's value.

The NFT market is also experiencing a decline, with volumes dropping by 81% in the last three months. The lack of innovation in this space has led to a loss of interest, similar to the Metaverse altcoins. If this trend continues, popular NFT collections may experience new lows.

In conclusion, the cryptocurrency market is experiencing high volatility, and Bitcoin's price may drop to $50,980. Arbitrum's token price is also struggling, and the NFT market is experiencing a significant decline. Investors should be cautious and conduct thorough research before making any investment decisions.