Analysts believe bitcoin can still fall and reach $29,000 level

With bitcoin now plummeting below the $40K mark, few analysts think the crypto asset’s price will still go down and eventually fall below the $30K level.

In his appearance to CNBC, Cornerstone’s Carter Worth, also nicknamed as “Chartmaster,” see bitcoin shedding 55% of its record high attained last April when it reached over $64K following the public listing of cryptocurrency exchange platform Coinbase. He believes the crypto will fall all the way down to $29,000.

Worth said, “I think we’re in support – it’s fighting, but my hunch is it goes lower,” referring to the price of bitcoin, which stands at $39,288 at the time of writing.

Bitcoin hasn’t hit the floor yet

Pankaj Balani, Chief Executive Officer of crypto derivatives trading platform Delta Exchange, also sees the same thing for the crypto leader.

In a letter written by the company executive cited by news.bitcoin.com, he said the crypto asset hasn’t hit rock bottom yet. Balani explained, “Despite a sharp correction and BTC price trading in the support zone of $42,000-$44,000, we don’t think bitcoin has found a floor yet.” He ultimately concluded that the digital currency could fall even lower than it already had.

Uphill climb for Bitcoin

City Index Stonex Retail Division market analyst Tony Sycamore shared some ideas on how the cryptocurrency can come back and even retest its previous all-time high.

He said, as far as the current bitcoin price is concerned, not far below is the support from the 200-day moving average set at $39,700. Sycamore predicts that if this support region holds, a daily close of above $48,000 for bitcoin will follow, and its uptrend will resume.

Moreover, the crypto can also start to retest its April $64,895 all-time-high. Sycamore also said while there is nothing certain, it is an encouraging sign to see the support level well defended so far.

 

Image courtesy of Cointelegraph News/YouTube

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