The price of Bitcoin (BTC ($99,077.68)) 
$98,917 could decline to $75,000 if a downward reversal pattern known as a ‘double top’ is triggered. This technical analysis figure involves the formation of two successive peaks at similar levels and the subsequent breakdown of a trend line drawn from the lowest point between these peaks.
Understanding the Double Top Model
The double top model occurs when a financial asset’s price rises to a specific resistance level twice, followed by a decrease. The proximity of the second peak to the first, along with the connection of intermediate low points by a specific trend line, indicates a slowdown in the market’s upward momentum.
Current Status of Bitcoin
Currently, Bitcoin struggles to maintain levels above its December peak and has dropped to around $100,000. This situation suggests the formation of a double top model, with the neckline support estimated at approximately $91,300.
If Bitcoin closes below the neckline support, this could confirm a transition from an upward trend to a downward trend. In such a scenario, a price …
