Bitcoin’s recent negative price actions may be far from over, according to Carter Worth.
Worth, who is the chief market technician of Cornerstone Macro, said that there is a possibility that Bitcoin could drop further to the $29k region. He said during a Monday appearance on CNBC’s Fast Money segment that a 55% correction from Bitcoin’s all-time highs is still very likely, considering previous price dips.
The CNBC’s “Chartmaster” asserted that $45,000 represents the top of a support zone for Bitcoin. If prices dropped by 55%, the digital asset will be in the “lower end of [its] support.”
I think we’re in support — it’s fighting, but my hunch is it goes lower.
Worth picks the 55% reference point because it marks the average of every major price dip of 30% and more since 2011. His calculations also include Bitcoin’s 80% decline from its 2017 all-time highs, a crash that ushered the entire sector into the crypto winter, taking over a year to unfold.
His avg drop includes each bear cycle drop. 97 75 82. Take those out is 36.
— chromage (@chromage2) May 18, 2021
Following the negative publicity generated by Tesla’s CEO Elon Musk, the mood among mainstream media on Bitcoin and altcoins is cautious. “Extreme Fear” has also gripped the market, which has been swimming in “Greed” and “Extreme Greed” in the past few months.