CNBC “Chartmaster” warns that Bitcoin price may reach $29,000 in the next step

Bitcoin (BitcoinCNBC’s “Chartmaster” stated that the price may fall to $29,000 and is still testing current support levels to be consistent with previous decline levels.

in appearance On the network Fast money Carter Worth, chief market technician at Cornerstone Macro, warned on Monday that the bottom of BTC may be far from being reached.

Choose your average Bitcoin price lower limit

Analyzing recent price activity and comparing it with past Bitcoin bottoms, Worth said that the current level at around $45,000 is the top of the support zone.

He concluded: “If we fall by 55%, we will be at the low end of support.”

“I think we are supporting-it is fighting, but my instinct is that it will go down.”

If it falls by 55% from the current all-time high, it means that BTC/USD has bottomed and rebounded to slightly above $29,000.

For Worth, this is a useful reference point, because since 2011, the average value of each major price drop has reached or exceeded 30%, and the average value is 55%. famousHowever, his calculations include events such as an 80% drop from the all-time high in 2017, a process that took more than a year to be realized.

Excluding these, the average price is more like 36%-roughly where BTC/USD bottomed out this week.

Bitcoin advances from Elon Musk

Taking into account the propaganda of Tesla CEO Elon Musk, the mainstream media has once again become cautious about the sentiment of Bitcoin and altcoins.

In addition, Mixed Coinbase’s COIN says bearish sentiment still exists Rigorous For those analysts who have spent several months shocking the industry’s growth rate.

However, as reported by Cointelegraph, experienced analysts from the Bitcoin industry don’t care about it. highlight The complete long-term price trend and even bullish signs have emerged.

On Monday, PlanB, the creator of the BTC-to-share BTC price model, tried to draw a line under the Musk plot.

“It can continue.. With the current volatility, BTC is $44K and high trading volume, Bitcoin momentum (200-week moving average and realized value) is still rising and rising,” he said. Commented On the attached chart.

Bitcoin momentum chart as of May 17, 2021. Source: PlanB/Twitter

The realizable value represents the price of buying BTC in the entire Bitcoin market. Despite the recent turmoil, the price continues to rise.