Analyst Who Called Bitcoin’s Drop To $30,000 Believes It Could Fall To $20,000 Imminently
Share this @internewscast.com


Carter Braxton Worth, founder of Worth Charting and frequent CNBC contributor, emailed charts to clients on Saturday, May 7, that Bitcoin

BTC
could fall from around $34,500 to $30,000. In fact, over the next 5 days it not just broke down to $30,000 but got as low as $25,000. This was the chart he sent out on May 7 showing the direction he believed Bitcoin would move. It is trading around $29,000 in the middle of Friday afternoon.

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.

Share this @internewscast.com
You May Also Like

NFT and Web3 gaming console to launch in 2024, Chinese firms to check ID for NFT buying, and more

Polium, a company that markets itself as “building the products and infrastructure…

Are Chicago Bulls Done Making Moves After Agreeing To Deal With Goran Dragic In Free Agency?

The Chicago Bulls agreed to a deal with veteran point guard Goran…

Alleged Highland Park Shooter Charged With 7 Counts Of First-Degree Murder

Topline Robert Crimo III—the 21-year-old arrested for allegedly carrying out a mass…

Palestinian Reporter ‘Likely’ Killed By Israeli Gunfire, U.S. Says—But Review Inconclusive

Topline A U.S.-overseen investigation “could not reach a definitive conclusion” on who…

Inflation May Get Much Worse This Summer—And Could Linger ‘Many Years’—Experts Warn

Topline Economists at Goldman Sachs hiked their inflation projections this weekend and…

How Can Stocks Turn The Tide?

Stopping A Sinking Market getty The stock market’s late rebound on Friday…

It Is Great To Celebrate Artist’s Hometowns. It Is Even Better To Invest In Them

In June, the major record labels association BPI released a report detailing…

Bitcoin price spikes to $20K as whale bought BTC confirms support

Bitcoin (BTC) rose to clip $20,000 for the first time in five…