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Carter Braxton Worth, founder of Worth Charting and frequent CNBC contributor, emailed charts to clients on Saturday, May 7, that Bitcoin
He sent out a series of emails today, Friday, May 20, showing that Bitcoin’s next move could be down to $20,000. In one of the emails today he wrote, “Bitcoin was trading at $36,000 and just “felt heavy/looked heavy.” In that event, Bitcoin plunged the ensuing 5 days, down not only to $30,000, but as low as $25,000 for a brief moment, intraday, on May 12th. Ever since, Bitcoin has been backing and filling, consolidating, biding its time, at the key $30,000 level.”
He added, “It’s our judgment now, that the next down leg is imminent. Which is to say, just as Bitcoin felt/looked especially vulnerable on Saturday, May 7th, the crypto currency again looks especially vulnerable. It’s hovering ominously at the $30,000 level and has been unable to bounce, day after day after day.”
He closed with, “In principle, a stock, currency index or commodity that drops sharply to a critical level, will back and fill at said level, before breaking lower (read: before selling pressure resumes). It’s our view that Bitcoin, which has been quiescent the past 2 weeks, is about to “come to life” in a negative way.”
The chart below with his $20,000 prediction is showing support from a late 2017 high and a bit of a consolidation phase in late 2020. If Worth’s forecast comes to fruition I would not be surprised that these support levels don’t hold.