Advertise
CoinTrust
BTC
ETH
BCH
SOL
DOGE
SHIB
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
No Result
View All Result

Home » Cornerstone Macro’s Market Analyst – Bitcoin Could Decline to $29,000

Cornerstone Macro’s Market Analyst – Bitcoin Could Decline to $29,000

Kelly Cromley by Kelly Cromley
May 18, 2021
in Bitcoin News, Market News, News
Reading Time: 2 mins read
0

Bitcoin (BTC) could decline to $29,000 and retest prevailing support in accordance with previous retracements, asserts CNBC’s “chartmaster.”

While speaking on the Fast Money program on Monday, Cornerstone Macro’s chief market technician Carter Worth cautioned that the Bitcoin’s nadir is far away from the current level.

Studying the latest price movements and matching it will earlier bottom of Bitcoin, Worth stated that prevailing levels at about $45,000 refect the peak of a support zone.

Collectively he said “Were we to go down 55%, we’d be in the lower end of support. I think we’re in support — it’s fighting, but my hunch is it goes lower.”

Notably, a 55% decline from prevailing all-time peak implies that BTC/USD will hit its bottom at slightly over $29,000.

His avg drop includes each bear cycle drop. 97 75 82. Take those out is 36.

— chromage (@chromage2) May 18, 2021


This is a notable reference level, as 55% denotes the average of each major price decline of over 30% in the past decade. As pointed out by Twitter users, nevertheless, his assessment include incidents such as the 80% drop from all-time peak in 2017, a pattern that needed more than a year to unravel.

Eliminate them and the average is around 36%, almost near to where the BTC/USD pair reversed earlier this week. The sentiment in mainstream news channels on cryptocurrency market has turned cautious against the backdrop of the statement made by Tesla CEO Elon Musk on Bitcoin.

In addition to that, the price volatility of COIN (ticker symbol of Coinbase stock) implies that analysts have bearish view of the market following months of unexpected market rally. Nevertheless, professional analysts in the crypto market are not worried and have once again underlined that the long-term price trend is intact.

On the basis of various market indicators, some of them believe that the next round of rally will begin soon. Earlier on Monday, PlanB, developer of the stock-to-flow BTC price model, went ahead to give his opinion on the Musk saga.

With respect to the below chart, he issued the following comment:

OK moving on .. with current volatility, BTC at $44K and transaction volumes high, #bitcoin momentum (200 Week Moving Average and Realized Value) is still up and onward. pic.twitter.com/PuJfozdWim

— PlanB (@100trillionUSD) May 17, 2021


Given current fluctuations, the perceived valuation reflects the price for which the entire Bitcoin industry purchased BTC.

Previous Post

Peter Schiff – Buying Bitcoin is Gambling & Not Investment

Next Post

MicroStrategy Invests Another $10mln in Bitcoin Amid the Crypto Market Rout

Related Posts

coinmarketcap-hit-by-supply-chain-attack

CoinMarketCap Hit by Supply Chain Attack, Wallets Drained

by Kelly Cromley
Jun 23, 2025
0

CoinMarketCap, a leading platform for tracking cryptocurrency prices, recently experienced a significant cybersecurity breach involving a supply chain attack that...

kazakhstan-unveils-solana-economic-zone

Kazakhstan Unveils Solana Economic Zone for Web3 Growth

by Kelly Cromley
Jun 23, 2025
0

Kazakhstan has formally introduced the Solana Economic Zone Kazakhstan (SEZ KZ), becoming the first country in Central Asia to establish...

space-id-partners-with-enkrypt-wallet

SPACE ID and Enkrypt Simplify Crypto Transfers via Web3 Domains

by Kelly Cromley
Jun 23, 2025
0

SPACE ID has expanded its service capabilities through a strategic integration with the Enkrypt wallet, aiming to streamline crypto transactions...

iost-signet-ring-biometric-wearable

Biometric wearables, decentralized IDs, and passkey tools reshape digital trust

by Kelly Cromley
Jun 23, 2025
0

The evolving Web3 landscape is witnessing a growing emphasis on digital identity technologies, especially as a response to rising concerns...

arichain-partners-with-hero

Arichain and HERO Partner to Reinvent Web3 User Experience

by Kelly Cromley
Jun 23, 2025
0

Arichain, a decentralized platform recognized for its developer-centric infrastructure and scalability, has embarked on a strategic collaboration with HERO, a...

web3-decision-partners-with-arichain

Web3 Decision and Arichain Unite to Empower Decentralized Future

by Kelly Cromley
Jun 23, 2025
0

Web3 Decision, a recognized provider of AI-driven and quantum-secure technologies for blockchain applications, has launched a strategic partnership with Arichain,...

Next Post
MicroStrategy Invests Another $10mln in Bitcoin Amid the Crypto Market Rout

MicroStrategy Invests Another $10mln in Bitcoin Amid the Crypto Market Rout

  • Collé Ai

    Collé: Pioneering AI Web3 Platform Receives Investment Boost from BlackRock

    by Kelly Cromley
    May 13, 2024
  • Router Protocol and OpenWorldSwap Partnership to Revolutionize DEX Market

    by Kelly Cromley
    Aug 6, 2024
  • Central Bank of Saudi Arabia Teams Up with Ripple to Transform Cross-Border Settlements

    by Kelly Cromley
    Aug 17, 2023
  • GameStop’s Digital Transformation: Embracing Blockchain and NFTs

    by Kelly Cromley
    Feb 2, 2025
  • Blockchain Based Sports Platform SportsMint Unveiled

    by Kelly Cromley
    Apr 30, 2024

Recent News

coinmarketcap-hit-by-supply-chain-attack
Market News

CoinMarketCap Hit by Supply Chain Attack, Wallets Drained

by Kelly Cromley
Jun 23, 2025
kazakhstan-unveils-solana-economic-zone
Market News

Kazakhstan Unveils Solana Economic Zone for Web3 Growth

by Kelly Cromley
Jun 23, 2025
space-id-partners-with-enkrypt-wallet
Market News

SPACE ID and Enkrypt Simplify Crypto Transfers via Web3 Domains

by Kelly Cromley
Jun 23, 2025
iost-signet-ring-biometric-wearable
Market News

Biometric wearables, decentralized IDs, and passkey tools reshape digital trust

by Kelly Cromley
Jun 23, 2025
arichain-partners-with-hero
Market News

Arichain and HERO Partner to Reinvent Web3 User Experience

by Kelly Cromley
Jun 23, 2025

Categories

  • Altcoin News
  • Analysis News
  • Binance Coin News
  • Bitcoin News
  • Blog
  • Cardano News
  • Ethereum News
  • ICO News
  • Legislation News
  • Market Forecasts
  • Market News
  • News
  • Ripple News
  • Solana News
  • Tether News
Trustpilot

Cointrust

  • About Us
  • Contact Us
  • Correction Request
  • Our Team

Legal

  • Disclaimer
  • Terms & Conditions
  • Privacy Policy
  • Cookie Policy

Popular

  • ICO Listings
  • Knowledge Base
  • All about Mining
  • Cryptocurrency Exchanges
  • How and Where to buy Cryptocurrency

Sitemap

  • News section
  • Sitemap
  • XML Sitemap

© 2024 CoinTrust.com.

CoinTrustCoinTrust

* DISCLAIMER: All information provided in CoinTrust is merely for informational purposes, we are not an investment advisor and not affiliated with any companies or ICO/Cryptocurrency Projects. To use this website you must accept our cookie policy, Disclaimer and Privacy Policies.

No Result
View All Result
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos

© 2024 CoinTrust.com.

We use cookies to ensure that we give you the best experience on our website.
If you continue to use this site you agree to allow us to use cookies, in accordance with our Cookie Policy.
I Agree