Bitcoin has further to fall before BTC attacks $70K, says trader

Bitcoin and altcoins see retracement amid a short-term target of April’s all-time highs to act as support for BTC/USD.

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.