{"id":252415,"date":"2021-05-18T13:18:04","date_gmt":"2021-05-18T10:18:04","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-could-hit-29k-next-warns-cnbc-chartmaster\/"},"modified":"2021-05-18T13:18:04","modified_gmt":"2021-05-18T10:18:04","slug":"bitcoin-price-could-hit-29k-next-warns-cnbc-chartmaster","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-could-hit-29k-next-warns-cnbc-chartmaster\/","title":{"rendered":"# Bitcoin price could hit $29K next, warns CNBC &#8216;Chartmaster&#8217;"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2ef6ab7b18f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2ef6ab7b18f\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-could-hit-29k-next-warns-cnbc-chartmaster\/#Pick_your_average_for_a_Bitcoin_price_floor\" >Pick your average for a Bitcoin price floor<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-could-hit-29k-next-warns-cnbc-chartmaster\/#Bitcoin_moves_on_from_Elon_Musk\" >Bitcoin moves on from Elon Musk<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin price could hit $29K next, warns CNBC &#8216;Chartmaster&#8217; <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) could drop to $29,000 and still be testing current support in line with past dips, claims CNBC&#8217;s &#8220;Chartmaster.&#8221;<\/p>\n<p>In an <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/video\/2021\/05\/17\/he-called-the-drop-now-the-chartmaster-says-theres-a-new-key-level-for-bitcoin.html\">appearance<\/a> on the network&#8217;s &#8220;Fast Money&#8221; segment on May 17, Carter Worth, Chief Market Technician at Cornerstone Macro, warned that the BTC bottom may be far from in.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Pick_your_average_for_a_Bitcoin_price_floor\"><\/span>Pick your average for a Bitcoin price floor<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Analyzing recent price activity and comparing it to Bitcoin bottoms past, Worth said that current levels at around $45,000 represent the top of a support zone.<\/p>\n<p>&#8220;Were we to go down 55%, we&#8217;d be in the lower end of support,&#8221; he summarized.<\/p>\n<blockquote><p>&#8220;I think we&#8217;re in support \u2014 it&#8217;s fighting, but my hunch is it goes lower.&#8221;<\/p><\/blockquote>\n<p>A 55% drop from current all-time highs would mean BTC\/USD bottoms out at just above $29,000. <\/p>\n<p>For Worth, this is a useful reference point, as 55% marks the average of every major price dip of 30% or more since 2011. As <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> users <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/chromage2\/status\/1394502280766951424\">noted<\/a>, however, his calculations include events such as the 80% decline from all-time highs in 2017 \u2014 a process which took over a year to unfold.<\/p>\n<p>Remove these and the average is more like 36% \u2014 just about where BTC\/USD bottomed this week.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_moves_on_from_Elon_Musk\"><\/span>Bitcoin moves on from Elon Musk<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The mood among mainstream media more broadly on Bitcoin and altcoins is once again cautious in light of the publicity generated by Tesla CEO Elon Musk.<\/p>\n<p>Added to this, the mixed fortunes of Coinbase&#8217;s COIN mean that bearish sentiment remains <em>de rigueur<\/em> for analysts who have spent months in shock at the pace of the industry&#8217;s gains.<\/p>\n<p>As Cointelegraph reported, however, seasoned analysts from within Bitcoin circles are far from concerned, highlighting intact long-term price trends and even signs of bullishness already <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>earing.<\/p>\n<p>On Monday, PlanB, creator of the stock-to-flow BTC price model, sought to draw a line under the Musk episode.<\/p>\n<p>&#8220;OK moving on .. with current volatility, BTC at $44K and transaction volumes high, Bitcoin\u00a0momentum (200 Week Moving Average and Realized Value) is still up and onward,&#8221; he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/100trillionUSD\/status\/1394374451647631369\">commented<\/a> on an accompanying chart.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-05\/a599b639-c105-435d-84e3-d1f69b4fcfc5.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin momentum chart as of May 17, 2021. Source: PlanB\/ Twitter<\/em><\/figcaption><\/figure>\n<p>Realized value represents the price at which the entire Bitcoin market bought BTC, and continues to advance despite recent volatility.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-could-hit-29k-next-warns-cnbc-chartmaster\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin price could hit $29K next, warns CNBC &#8216;Chartmaster&#8217; &#8221; Bitcoin (BTC) could drop to $29,000 and still be testing current support in line with past dips, claims CNBC&#8217;s &#8220;Chartmaster.&#8221; In an appearance on the network&#8217;s &#8220;Fast Money&#8221; segment on May 17, Carter Worth, Chief Market Technician at Cornerstone Macro, warned that the BTC&#8230;<\/p>\n","protected":false},"author":1,"featured_media":252416,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDUvYWMxNDY3YTAtMzBjNi00Y2EyLTk4ZjMtZmYwMGQyMTA0NzQzLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785,68637],"class_list":["post-252415","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets","tag-predictions"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/252415","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=252415"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/252415\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/252416"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=252415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=252415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=252415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}