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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Buy Signal? “Chart Master” Calls For $29K Bitcoin on CNBC

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Bitcoin BTC BTCUSD

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Still in the red, Bitcoin and the crypto market have held the line in the past day. A bounce back seems feasibly, but not guaranteed. At the time of writing, BTC trades at $42,913 with sideway movement in the 1-hour chart and a 20% correction in the weekly and monthly chart.

Bitcoin BTC BTCUSD
BTC on a downtrend in the weekly chart. Source: BTCUSD Tradingview

The crypto market is uncertain, but there are signals that traders and investors have recognize over the years that suggest buying opportunities. Besides Peter Schiff and his pro-gold/anti Bitcoin tweets, CNBC has ironically provided a relatively source for indirect alpha, their “Chartmaster” Carter Worth.

In a segment for CNBC’s Fast Money, Worth claimed that BTC’s price could dropped as low as $29,000. This would place BTC at a “lower end of support”, said the analyst, after an initial 35% crash from its previous high around the $60,000 range and an subsequent 55.30% dropped.

The analyst said that there have been 11 +35% drops in BTC’s price since 2011 with an average declined around 55% with exceptions when the cryptocurrency has fallen by 80%. The analyst said:

I think we are in support, its fighting but my hunch is that it goes lower.

Could The “Chartmaster” Be Right About Bitcoin?

The “Chartmaster” predictions are usually use as counter trade by some member in the crypto community and a “bottom signal”.

Despite the above, the cryptocurrency is in critical support and BTC inflows into exchange platforms have been increasing at an alarming rate over the past few days.

Analyst William Clemente said that yesterday May 17th, recorded the highest net inflow of BTC since March 2020 when the market crashed on the “Black Thursday”.

Bitcoin BTC BTCUSD
BTC inflows to exchange platforms on a rise. Source: Glassnode via William Clemente

At the same time, the general sentiment in the market flip bullish as BTC manage to hold the line for around a day. Thus, futures traders showed “over confidence” that the price could continue to climb and turn resistance at $45,000 into support.

The funding rate across all exchange platforms changed to positive with a two day increase from May 16 to 17th. Clemente said:

Seems like BTC traders this evening are a little too confident going long. Would love to see one more flush and potentially get negative funding rates. Not counting on it though.

Additional data provided by Clemente suggest that the amount of BTC liquid supply has increased to levels last registered in 2019. As seen in the chart below, there seems to be a correlation between a downside trend in BTC’s price and the liquid supply. When it’s low, the price trends upwards and vice-versa.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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