The price of bitcoin has dropped to a new low for the month of May, sliding to $42,100 per unit during Monday evening’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 today’s current values.
CNBC’s ‘Chartmaster’ Carter Worth Envisions Bitcoin Hitting a $29K Low
The other day, Bitcoin.com News reported on Plan B’s stock-to-flow bitcoin (BTC) price model and how the model’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 Tesla’s recent announcement.
However, a few analysts are talking about much lower BTC prices coming in the weeks ahead as Cornerstone Macro’s Carter Worth believes bitcoin could hit $29k.
Cornerstone Macro’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 ‘Chartmaster’ sees BTC dropping 55% from the crypto asset’s high. The ‘Chartmaster’ told “Fast Money” hosts Melissa Lee, Guy Adami, Tim Seymour, Dan Nathan and Brian Kelly “were we to go down 55%, we’d be in the lower end of support.” A 55% drop from BTC’s highs would land just below the $30k region according to stats. Worth further stated:
I think we’re in support— it’s fighting, but my hunch is it goes lower.
Delta Exchange CEO: ‘We Don’t Think Bitcoin Has Found a Floor Yet’ – APAC Market Analyst Expects ‘Another Leg Lower’
Worth is not the only crypto analyst expecting lower prices. The crypto derivatives trading platform Delta Exchange’s CEO Pankaj Balani also sees BTC sliding lower.
In a note sent to Bitcoin.com News, Balani wrote that the leading crypto asset…