According to financial experts, Bitcoin, the very popular digital currency, might decrease its value to $50,000 or even less. At the start of the week, it was valued at $64,000. However, it suffered a significant drop of 9.5% in just three days, so its current value now stands at $56,541.

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• Due to a sharp drop in the past few days, Bitcoin’s value might decrease to or below $50,000.
• Market data and expert analysis suggest a continued downward trend due to the likelihood of a double-top pattern.
• According to IntoTheBlock data, Bitcoin’s potential decrease could be capped above $50,000.

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Bitcoin Value Could Take a Hit, May Dip as Low as $50,000

Information from trusted sources like Cointelegraph Markets Pro and TradingView shows that Bitcoin’s value suddenly fell from $63,223 on July 2 to $56,709 on July 4. This means that Bitcoin’s price has decreased by 18% in the last month. Also, fewer people are trading Bitcoin than before, resulting in a 32% drop in daily trading volume. Some experts indicate that Bitcoin’s price might decrease even more, making it quite difficult for the value to increase quickly again.

Experts at 10x Research suggest that Bitcoin’s current trend could decrease its value to as low as $50,000. They believe this sharp decrease may just be the start, and we could see a more significant downward trend. They attribute this drastic market shift from a high of $60,000 to a decrease in buying interest and an increase in the number of sell-offs.

Markus Thielen, an analyst at 10x Research, has stated that Bitcoin’s downward trend was not unpredictable. On June 24, he shared a chart predicting that Bitcoin’s value could decrease to $50,000. The diagram shows a double-top pattern, which occurs when the price of something reaches two similar high points with a slight dip in between, like a mountain with two peaks. The price could fall even further if it goes below a particular ” neckline ” line. 

Contrary to Thielen’s predictions, Michael Van de Poppe, the founder of MN Capital, anticipates a slightly higher target for Bitcoin on the downside. He predicts that Bitcoin’s low will be $52,809. Recently, Bitcoin’s value fell below a line that it has not crossed for 10 months. The cryptocurrency could be exposed to additional risks if it stays within this crucial line.

Data from a company called IntoTheBlock shows that it’s easier for Bitcoin’s value to decrease than to increase. However, the data also shows that Bitcoin’s value might be at most $50,000.

From a technical viewpoint, Bitcoin’s price action has led to a classic bear flag pattern, a bearish continuation setup. This suggests that Bitcoin’s price could drop to $49,200 – a level last seen on February 12. At the moment, Bitcoin’s value is dropping rapidly, increasing the likelihood that it might reach this low point. 

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