The Bitcoin (BTC) price could drop to as low as $29,000, claims CNBC’s “Chartmaster.” In an appearance on the network’s Fast Money segment on May 17, the chief market technician of Cornerstone Macro, Carter Worth, warned that Bitcoin might follow a 55% correction from its previous all-time highs of $60,000. Bitcoin Could Fall to $29,000 says CNBC’s Chartmaster In an appearance on CNBC’s Fast Money segment on May 17, Carter Worth, chief market technician of Cornerstone Macro, warned that Bitcoin’s price could fall down to as low as $29,000. Should that happen, this would place the flagship cryptocurrency at a lower end of support after an initial 35% crash from its previous all-time high of $60,000 and a subsequent drop of 55%. Per the analyst, there have been 11 +35% drops in Bitcoin’s price since 2011 with an average decline of 55%. Past Bitcoin dips suggest that a 55% correction from its all-time highs might soon take a turn. “Were we to go down 55%, we’d be in the lower end of support.” A 55% drop from the current all-time highs would mean that BTC/USD trading pairs could fall just above $29,000. Bitcoin Rolling On a Downwards Hill Analyzing Bitcoin’s recent price activity, compared to its past bottoms, Worth says that current levels at around $45,000 represent the top of a support zone. “I think we’re in support it’s fighting, but my hunch is it goes lower.” Worth is already known for correctly predicting the price of the leading cryptocurrency. He had previously predicted Bitcoin’s 80% decline from its all-time highs in 2017. The Bitcoin market has been on a downwards hill over the last week after Tesla CEO Elon Musk expressed concerns over its power consumption. Since then, the digital asset dropped down to more than 31.2% over the last seven days and is currently trading at $39,180, while its dominance level has plunged to a three-year low of 40%. Meanwhile, the cryptocurrency’s sentiment level has hit “extreme fear”, the lowest since last April.
The post Bitcoin Price Could Drop to as Low as $29,000: CNBC’s Chartmaster appeared first on Cryptoknowmics-Crypto News and Media Platform.
from Live Crypto News – Cryptoknowmics-Crypto News and Media Platform
