The price of bitcoin has dropped to a new low for the month of May, sliding to $42,100 per unit during Monday eveningâ€™s trading sessions. While a few analysts see bitcoin rebounding and gathering new highs in the coming weeks, a few crypto market strategists believe bitcoin prices could sink much lower than todayâ€™s current values.
CNBCâ€™s â€˜Chartmasterâ€™ Carter Worth Envisions Bitcoin Hitting a $29K Low
The other day, Bitcoin.com News reported on Plan Bâ€™s stock-to-flow bitcoin (BTC) price model and how the modelâ€™s creator is still positive about the bull run moving forward. A number of other crypto proponents believe that BTC will climb back again and think that a correction was in the cards even before Teslaâ€™s recent announcement.
However, a few analysts are talking about much lower BTC prices coming in the weeks ahead as Cornerstone Macroâ€™s Carter Worth believes bitcoin could hit $29k.
Cornerstone Macroâ€™s Carter Worth appeared on CNBC this week and stressed that he thinks the current price is a top support region. Worth, who is also called the â€˜Chartmasterâ€™ sees BTC dropping 55% from the crypto assetâ€™s high. The â€˜Chartmasterâ€™ told â€œFast Moneyâ€ hosts Melissa Lee, Guy Adami, Tim Seymour, Dan Nathan and Brian Kelly â€œwere we to go down 55%, weâ€™d be in the lower end of support.â€ A 55% drop from BTCâ€™s highs would land just below the $30k region according to stats. Worth further stated:
Delta Exchange CEO: â€˜We Donâ€™t Think Bitcoin Has Found a Floor Yetâ€™ â€“ APAC Market Analyst Expects â€˜Another Leg Lowerâ€™
Worth is not the only crypto analyst expecting lower prices. The crypto derivatives trading platform Delta Exchangeâ€™s CEO Pankaj Balani also sees BTC sliding lower.
In a note sent to Bitcoin.com News, Balani wrote that the leading crypto asset hasnâ€™t hit bottom yet. â€œDespite a sharp correction and BTC price trading in the support zone of $42,000-$44,000, we donâ€™t think bitcoin has found a floor yet,â€ Balani said. The Delta Exchange executive added:
Tony Sycamore, APAC market analyst at Stonex Retail Division, City Index spoke about current BTC charts as well on Tuesday.
In another note sent to Bitcoin.com News, Sycamore said he reported in early May that the leading crypto asset was due for â€œanother leg lower (Wave c) towards support at $42,000 where signs of basing will be watched for as an opportunity to buy bitcoin, in anticipation of the uptrend resuming.â€
â€œWhile there is nothing concrete yet in terms of a base at $42,000, itâ€™s encouraging to see the support level highlighted in our previous article well-defended thus far,â€ Sycamore told Bitcoin.com News. â€œNot far below, is support from the 200-day moving average at $39,700. Should this support region hold, a daily close above $48,000 would be an initial indication the uptrend has resumed, looking for a retest of the April $64,895 high,â€ the APAC market analyst added.
What do you think about bitcoin prices dropping lower than they are today? Do you expect the price to rise or do you see markets dropping lower? Let us know what you think about this subject in the comments section below.
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