• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin BTC BTCUSD
Nexo Logo

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

Reynaldo Marquez by Reynaldo Marquez
1 year ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

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.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

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.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

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.

Tags: bitcoinbtcbtcusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Reynaldo Marquez

Reynaldo Marquez

Related Posts

bitcoin

Why Rich Dad, Poor Dad Author Will Wait For Bitcoin To Drop To $1,100 Before Buying More

14 hours ago
Bitcoin And USDC

USDC Exchange Reserves Rise As Investors Escape From Bitcoin

17 hours ago
Bitcoin network

Bitcoin Enters Hibernation Mode As Network Activity Lulls

19 hours ago
Fed Announces Inflation Warnings As Bitcoin Whales Remain In Wait Mode

Fed Announces Inflation Warnings As Bitcoin Whales Remain In Wait Mode

23 hours ago
Mining Operators Fret As Bitcoin Looses Ground, What Lies Ahead For The Mining Community

Mining Operators Fret As Bitcoin Looses Ground, What Lies Ahead For The Mining Community

23 hours ago
Bitcoin

Bitcoin Slides Under $20K – Another Collapse In The Offing?

23 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

U Promise Me: The Digital Promise Platform

July 1, 2022

XT.com Lists Land of Fantasy (LOF) With USDT Trading Pair

July 1, 2022

LYOTRADE Launches Crypto Loans—Get USDT and Win Against Volatility

July 1, 2022

Torches Genesis NFT Launching, Win Torchlight NFT to Unlock IDO Allocation

June 30, 2022

Crypto News Flash: Best Meme Coins to Explore in Bear Market 2022 – Floki Inu (FLOKI), Akita Inu (AKITA) and RoboApe (RBA)

June 30, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

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

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.