Bitcoin News and Finance
‘Chartmaster’ Expects BTC Price to Tap $29K, Delta Exchange CEO Says ‘Bitcoin Hasn’t Found a Floor Yet’ Skip to main content

‘Chartmaster’ Expects BTC Price to Tap $29K, Delta Exchange CEO Says ‘Bitcoin Hasn’t Found a Floor Yet’

'Chartmaster' Expects BTC Price to Tap $29K, Delta Exchange CEO Says 'Bitcoin Hasn't Found a Floor Yet'

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.

'Chartmaster' Expects BTC Price to Tap $29K, Delta Exchange CEO Says 'Bitcoin Hasn't Found a Floor Yet'
BTC/USDT price on May 18, 2021, via the Bitcoin.com Exchange.

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 hasn’t hit bottom yet. “Despite a sharp correction and BTC price trading in the support zone of $42,000-$44,000, we don’t think bitcoin has found a floor yet,” Balani said. The Delta Exchange executive added:

Unlike the previous dips in bitcoin – in the last 9 months – this time, we are not finding any buyers looking to bottom fish on a sharp move down. Most traders are convinced of further downside and are looking at 35,000-38,000 levels on BTC. The 200 DMA at ~38,000 should act as strong support for bitcoin, but the recovery is going to be slow and we might spend the next few weeks around current levels.

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 “another 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.”

“While there is nothing concrete yet in terms of a base at $42,000, it’s encouraging to see the support level highlighted in our previous article well-defended thus far,” Sycamore told Bitcoin.com News. “Not 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,” 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.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory