Bitcoin's Next Price Target Is $29,000, Crypto Trader Warns As Price Falls

The price of the world's first cryptocurrency Bitcoin BTC/USD is headed lower, according to cryptocurrency trader and influencer Credible Crypto.

What Happened: In a Sunday market analysis published on Twitter, Credible Crypto pointed out that Bitcoin's lows are approaching the $34,400 support level, suggesting that the price is heading lower into the $29,000-$32,000 territory to find another support. He added that he is "not expecting lows at 28k to be taken."

On Sunday afternoon, BTC was already breaking below Credible Crypto's support level, and dropping under $34,000, at the time of publication the 24-hour low is $33,878.96.

See Also: How To Earn Free Crypto

The report follows Friday's reports that Bitcoin's mean transaction volume reached a seven-month high of 25.66 BTC — meaning that the average transaction processed over the last seven days would now be worth well over $923,000. Furthermore, Bitcoin is refusing to realign its price with the stock-to-flow (S2F) model just as it reaches halfway to the next halving that will cut its inflation rate once again — now standing at just 35.6% of the price estimated by S2F.