A cryptocurrency analyst, RLinda, has warned that Bitcoin's technical setup indicates a possible correction towards the $50,000 mark. RLinda pointed out a false breakout near the $64,955 mark and highlighted a double-top formation as indications of a potential downward move. The analyst suggests that Bitcoin may retest the $62,342 mark before potentially dropping further to support levels at $57,736, $55,000, and $52,000. Another analyst, Alan Martinez, also sees the possibility of Bitcoin dropping to $52,000 due to a descending parallel channel. However, the long-term outlook for Bitcoin remains bullish, with historical data suggesting that Bitcoin is performing ahead of schedule compared to previous cycles. On the other hand, the potential sale of $4.33 billion in seized Bitcoin by the US government could trigger short-term volatility and panic selling among investors. As of press time, Bitcoin was trading at $62,197 with daily losses of over 2%. Overall, investors may need to prepare for short-term volatility while maintaining patience for a potential rebound.



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