Bitcoin Price Could Reach $ 29,000 Soon, CNBC’s Chartmaster Warns

Bitcoin (BTC) could drop to $ 29,000 and continue to test current support in line with previous dips. claims CNBC’s “Chartmaster”.

At an appearance in the Fast Money segment on Monday Carter worth it, Cornerstone Macro Chief Market Technician, He warned that the lowest point for BTC could be a long way off.

Choose your mean for a minimum price for Bitcoin

By analyzing recent price activity and comparing it to previous floors of Bitcoin, Worth said the current level of around $ 45,000 is the top of a support zone.

Bitcoin Price Could Reach $ 29,000 Soon, CNBC’s Chartmaster Warns
Bitcoin Price Could Reach $ 29,000 Soon, CNBC’s Chartmaster Warns

“If we’d fallen 55%, we’d be at the low end of support”he summarized.

“I think we’re in support: he’s fighting, but my guess is that he’s going to go under.”

A 55% decline from current all-time highs would mean the BTC / USD pair would hit a low of just over $ 29,000.

For Worth, this is a useful yardstick. 55% marks the average of any major price drop of 30% or more since 2011However there they pointed out For Twitter users, their estimates include events like the 80% decline from the all-time highs in 2017, a process that took more than a year to develop.

When removed, the average is closer to 36%, right where the BTC / USD pair bottomed out this week.

Bitcoin passes by Elon Musk

Sentiment among the mainstream media in general about Bitcoin and Altcoins is once again cautious amid the hype generated by Elon Musk, CEO of Tesla.

Additionally, Coinbase’s mixed COIN fortune means that bearish sentiment remains imperative for analysts who have been shocked below the pace of industry gains for months.

However, as Cointelegraph reported, Seasoned analysts from Bitcoin circles are far from concernedHighlight intact long-term price trends and even bullish signs that are already emerging.

On Monday, Plan B, Developer of the stock-to-flow BTC pricing model, Tried to draw a line under the Musk episode.

“OK, forward … with the current volatility, BTC at USD 44,000 and high transaction volumes, the momentum of Bitcoin (200-week moving average and realized value) continues to increase and move forward.”,TO commentedIn an attached graphic.

Bitcoin momentum diagram from May 17, 2021. Source: PlanB / Twitter

Realized value represents the price at which the entire Bitcoin market bought BTC and continues to move forward despite recent volatility.

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