In the wake of the recent crash in Bitcoin’s price, analysts have been rife with speculation about the market’s next steps. The BTC price briefly dipped to a low of $24,800 last week, and with the Bitcoin fear and greed index plunging from neutral to 38 (indicating fear), market sentiment is palpable. Renowned analyst Rekt Capital weighed in on the situation, offering a thorough technical breakdown. “BTC is officially at the base of the double top. The double top has completed,” states Rekt Capital. Highlighting the market’s current vulnerability, the analyst continues, “Downside wicking below ~$26,000 like in mid-June will occur. But a Weekly Close below ~$260,00 is what would validate the double top and start breakdown continuation.” Related Reading: Bitcoin Faces A Weekly Double Top; This Needs To Happen Though the double top’s completion has ratcheted up bearish sentiment, there’s no definitive breakdown yet. “BTC has completed the double top but still no breakdown confirmation as BTC holds ~$26k support,” Rekt Capital adds. The scenario becomes even more intriguing as “seller volume has increased in recent days ..
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