The price of Bitcoin has fallen to a new low in May, falling to $42,100 per unit during the trading session on Monday night. Although some analysts believe that Bitcoin will rebound and hit new highs in the next few weeks, some cryptocurrency market strategists believe that Bitcoin prices may be much lower than today’s current prices.
CNBC’s’Chartmaster’ Carter Worth predicts Bitcoin will hit a low of $29,000
A few days ago, Bitcoin.com News reported on Plan B’s stock price model against Bitcoin (BTC), and the creator of the model is still optimistic about the development of the bull market. Some other cryptocurrency proponents believe that BTC will rise again and believe that even before Tesla’s recent announcement, the price of Bitcoin is also being corrected.
However, some analysts are talking about Bitcoin prices that will fall sharply in the next few weeks because Carter Worth of Cornerstone Macro believes Bitcoin may reach $29,000.
Cornerstone’s Carter Worth appeared on CNBC this week and emphasized that he believes the current price is the highest support area. It is worth mentioning that the person also known as “Chartmaster” believes that BTC has fallen by 55% from the high point of crypto assets. The “chart manager” told the “Quick Money” hosts Melissa Lee, Guy Adami, Tim Seymour, Dan Nathan and Brian Kelly “If we fall by 55%, we will be in The low end of support.” According to statistics, a 55% drop from the high of BTC will break below the $30,000 area. It is worth further explanation:
I think we are supporting it-it is fighting, but my intuition is that it will go down.
Delta Exchange CEO: “We don’t think Bitcoin has landed yet”-Market analysts in the Asia-Pacific region predict that Bitcoin will fall again
It’s worth mentioning that it’s not the only cryptocurrency analyst who wants prices to fall. Pankaj Balani, CEO of Delta Exchange, a cryptocurrency derivatives trading platform, also believes that BTC will go lower.
Balani wrote in a note to Bitcoin.com News that the leading crypto assets have not yet bottomed out. Balani said: “Despite a sharp correction in the price of Bitcoin and the support level is between $42,000 and $44,000, we believe that Bitcoin has not yet found a bottom line.” Delta Exchange executives added:
This time, unlike the previous declines of Bitcoin in the past 9 months, this time, we did not find any buyers hoping to bottom out in the event of a sharp decline. Most traders firmly believe in further downside and hope to reach the level of 35,000-38,000 on BTC. The 200 DMA is about 38,000, which should be a strong support for Bitcoin, but the recovery will be slow, and we may be hovering near the current level in the next few weeks.
Stonex City Division Stonex Retail Division Asia Pacific market analyst Tony Sycamore also talked about the current BTC chart on Tuesday.
In another note sent to Bitcoin.com News, Sycamore stated that he reported in early May that the leading crypto asset will move towards the support level of $42,000 due to “another wave of lower (volatility c). On this basis, there will be Signs indicate that this will be seen as a buying opportunity “Bitcoin, looking forward to the recovery of the upward trend.” “
Sycamore told Bitcoin.com News: “Although there is no specific indicator on the $42,000 base, it is encouraging that the level of support we emphasized in the previous article so far is not bad.” The 200-day moving average support level of $39,700 is not far away. If the support area can be maintained, the daily closing price above $48,000 will initially indicate that the uptrend has resumed, and hope to retest the April high of $64,895,” Asia Pacific Regional market analysts added.
How do you think the price of Bitcoin has fallen below today’s level? Do you expect prices to rise or see the market fall? Let us know your thoughts on this topic in the comments section below.
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