Carter Braxton Worth, founder of Worth Charting and frequent contributor to CNBC, told clients on Saturday, May 7. Bitcoin (BTC) He sent charts that it could drop from around $34,500 to $30,000.
So much so that in the next 5 days, it not only went down to $30,000, but also dropped to $26,000.
In his latest update today, Worth sent out a series of emails showing that Bitcoin’s next move could go as low as $20,000.
“Next Drop For Bitcoin Might Be Close”
Worth said in his statements:
“Our current opinion is that the next drop is imminent. So, as it looked particularly vulnerable on Saturday, May 7, Bitcoin again looks very fragile. It is worryingly hovering at $30,000 and is not making a leap from day to day.”
“In principle, a stock, currency index or commodity that drops sharply to a critical level will bounce back and fill up before it breaks lower (before selling pressure starts again). In our view, Bitcoin, which has been stagnant for the past 2 weeks, is about to “revive” in the negative direction.”
Forbes analyst Chuck Jones said that in the chart below, the $20,000 level received support from the late 2017 high, and also a minor support from the consolidation period that took place at the end of 2020.
According to Jones, if Worth’s prediction comes true, it wouldn’t be a surprise if these support levels don’t hold up either.
*Not investment advice.