According to one crypto analyst, the regularity with which Bitcoin fails to break above higher resistance levels has resulted in the formation of a “double top price pattern,” which may eventually lead to a “steeper drop” to $50,000.

Marcus Thielen, founder of 10x Research, detailed in a June 24 analyst note that Bitcoin BTC dips below $60,995 and technically appears to be following a double top pattern, testing its support level. A double top pattern forms when the price reaches two%.

Since the April 20 halving event, well-known cryptocurrency traders have been making predictions about the price of Bitcoin. The incident reduced the block rewards for Bitcoin miners by 50%, from 6.25 BTC to 3.125 BTC.

According to cryptocurrency trader Jelle, the price behavior of Bitcoin is "chopping around the previous cycle highs" and is continuing to unfold "similarly" from the 2016 halving cycle.

In a June 24 X post, Jelle said, "More and more fud is being offloaded at current prices," adding that it is a result of "shakeout effects."

In conclusion, a crypto analyst has observed that Bitcoin's repeated failure to surpass higher resistance levels has created a double-top price pattern, which could potentially cause its value to drop to $50,000.