Analyst Believes Bitcoin Could Soon Fall To $30,000

Over the past week Bitcoin

BTC
has fallen 10% from about $38,500 to around $34,500. Most of the decline, approximately 8%, was after the Federal Reserve increased the Federal Funds interest rate by 0.50% and essentially promised two more 0.50% raises. Carter Braxton Worth, founder of Worth Charting, believes that Bitcoin could quickly fall another 13% to $30,000.

In a series of charts he emailed on Saturday he believes that Bitcoin could break below support levels and $30,000 is in play. The first chart has a slightly ascending support line that shows Bitcoin touching approximately $35,000.

His second chart has a vertical support line dating back almost a year to June 2021 when Bitcoin was about $29,000. With Bitcoin falling $1,200 to $34,600 in the past few hours this support level could come into play.

One of the big risks is Bitcoin falling further and becoming a risk off asset as the Fed raises interest rates and fixed income investments become an alternative. It also does not have any moving day support.