Analyst Who Called Bitcoin’s Drop To $30,000 Believes It Could Fall To $20,000 Imminently – Forbes

Bitcoin financial decline with golden coin
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.
Bitcoin $30,000 prediction
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.”
Bitcoin $30,000 consolidation
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.
Bitcoin $20,000 prediction

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