The month of May has witnessed the low price of Bitcoin, with the price recorded as $42,100 per Bitcoin on Monday evening’s trading session. Some analysts say that the value of Bitcoin will rise again in the coming weeks, while others are of the point of view its value can go further low as it is today.
CNBC’s ‘Chartmaster’ Predictions
The developers and stock-to-flow bitcoin price model creators are still optimistic that the value of bitcoin will rise again. Several crypto pundits are saying that Bitcoin can reach new heights even after the announcement of Tesla suspending Bitcoin payments. Despite all that, there are some analysts who are saying that Bitcoin the value of bitcoin will decline in the coming weeks. According to Cornerstone Macro’s Carter Worth, the value of bitcoin can decrease to the record low of $29k. On CNBC, Worth said that the current value of Bitcoin is a top support region.
“Chartmaster’ forecasted that the value of bitcoin would decrease by 55% from its highest point. The Fast Money host Melissa Lee, Guy Adami, Tm Seymour, Dan Nathan, and Brian Kelly were told by ‘Chartmaster’ that if the value dropped down by 55%, it would be in the lower end of support. The 55% drop means that the value of Bitcoin will go just below the $30k mark. ‘Chartmaster’ added that the cryptocurrency is in support and it is fighting to come on top, but the prediction is it will go further low instead.
Predictions of Delta Exchange CEO and APAC Market Analyst
There are other analysts besides Worth who are predicting the value of Bitcoin to go further low. In this list, the crypto trading platform Delta Exchange, Pankaj Balani, is also included. He forecasted that Bitcoin hadn’t reached its lowest value yet. He said this in a note sent to Bitcoin.com News. He said that even though Bitcoin is in the support zone of $42,000-$44,000, it still isn’t safe from further decline. This decline in the value of Bitcoin is not like what we have seen previously. People are predicting this value to go in the range of $35,000-$38,000 with $38,000 will be playing as strong support. The recovery process will be slow in the next few weeks, and it is most likely that the value of the digital currency will be in this zone during that time.
APAC Market Analyst at Stonex Retail Division, Tony Sycamore, also shares his view on the currency situation. He predicted at the beginning of May that the value of Bitcoin is likely to experience a Wave C of decline. The $42,000 support zone is expected to experience another low leg expected to rise again. There is no surety of the support zone of $42,000, but still, it is good to see that this is holding so far. If the daily value of Bitcoin is closing above $48,000, it is safe to say that it has resumed its rising pattern.
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Luke Handt is a seasoned cryptocurrency investor and advisor with over 7 years of experience in the blockchain and digital asset space. His passion for crypto began while studying computer science and economics at Stanford University in the early 2010s.
Since 2016, Luke has been an active cryptocurrency trader, strategically investing in major coins as well as up-and-coming altcoins. He is knowledgeable about advanced crypto trading strategies, market analysis, and the nuances of blockchain protocols.
In addition to managing his own crypto portfolio, Luke shares his expertise with others as a crypto writer and analyst for leading finance publications. He enjoys educating retail traders about digital assets and is a sought-after voice at fintech conferences worldwide.
When he's not glued to price charts or researching promising new projects, Luke enjoys surfing, travel, and fine wine. He currently resides in Newport Beach, California where he continues to follow crypto markets closely and connect with other industry leaders.