Bitcoin has carved out a double-top price pattern, signaling a potential bearish trend.

10x Research founder, Markus Thielen said, "Technically, bitcoin appears to follow a double top formation, whereas the support level is being tested. This chart formation should be our base case unless it becomes invalidated. This formation could easily see a drop to $50,000— if not $45,000."

Watch CoinDesk's Jennifer Sanasie unpack this data on "Chart of the Day."
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