Bitcoin (BTC) remains bullish but has “one more leg down” to complete before a resurgence, one trader argues.
In an analysis on Nov. 10, popular Twitter account Crypto Ed said that the pullback from this week’s all-time highs above $68,500 was turning out to be deeper than anticipated.
Target $65,000 for Bitcoin
“Going a bit deeper as I was expecting yesterday. Looks like it will do 1 more leg down to complete that ABC,” he said alongside a forecast price trajectory chart.
“Lines up with 2nd chart: taking out those lows and retest support. When bounce, going for 70k.”
BTC/USD could thus fall to as low as $65,000 in the short term, marking retention of April’s old highs as support.
BTC/USD price scenario. Source: Crypto Ed/Twitter
Others framed Monday’s record as a record slump for the United States dollar against Bitcoin, among them longtime trader Peter Brandt.
“$1 when I was born is worth 8 cents today. $1 today will likely to be worthless when my grand kids are my age,” part of a Twitter post read Wednesday.
There is one thing in the markets I am absolutely sure of — the declining value of the U.S. Dollar $DX_F
$1 when I was born is worth 8 cents today
$1 today will likely to be worthless when my grand kids are my age$BTC pic.twitter.com/bkhlvbZnZD
— Peter Brandt (@PeterLBrandt) November 10, 2021
BTC/USD circled $66,800 at the time of writing, data from Cointelegraph Markets Pro and TradingView showed, having bounced at $66,250 hours previously.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Consolidation takes hold of major cryptocurrencies
Altcoins, meanwhile, copied Bitcoin in its modest comedown, with Ether (ETH) also correcting from all-time highs.
Related: Kraken predicts $96K BTC price top as analyst says $1T Bitcoin market cap is ‘now cemented’
None of the top 10 cryptocurrencies by market capitalization showed positive performance over the past 24 hours.
ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView
The rout seemed to be fuelled by Tesla stock, which experienced a sudden 12% sell-off shortly after the start of trading Tuesday.
Yo @elonmusk if you are selling $TSLA right now, at least put the proceeds into #Bitcoin
— Benjamin Cowen (@intocryptoverse) November 9, 2021
The destination of CEO Elon Musk’s 10% stock sale worth $23 billion also remained a topic of debate amid hopes that Bitcoin would see a fresh commitment from the world’s richest man.