A simple look back at past BTC price dips means that a 55% correction from all-time highs is on the table, says Carter Worth.
Bitcoin (BTC) could drop to $29,000 and still be testing current support in line with past dips, claims CNBC's "Chartmaster."In an appearance on the network's "Fast Money" segment on May 17, Carter Worth, Chief Market Technician at Cornerstone Macro, warned that the BTC bottom may be far from in.Pick your average for a Bitcoin price floorAnalyzing recent price activity and comparing it to Bitcoin bottoms past, Worth said that current levels at around $45,000 represent the top of a support zone."Were we to go down 55%, we'd be in the lower end of support," he summarized."I think we're in support — it's fighting, but my hunch is it goes lower."A 55% drop from current all-time highs would mean BTC/USD bottoms out at just above $29,000.