Bitcoin (BTC) remains optimistic, but has to close “a leg down” before a resurgence, argues one trader.
In a November 10 analysis, popular Twitter account Crypto Ed said the retreat from this week’s all-time highs above $ 68,500 was lower than expected.
Goal of $ 65,000 for Bitcoin
“I’m going a little deeper than I expected yesterday. It looks like it’ll take one more stage down to complete this ABC, ”he said alongside a forecast price history graph.
“Corresponds to the second chart: remove these lows and test the support again. If you ricochet, you go for 70k. “
BTC / USD could therefore drop to as low as $ 65,000 in the short term, marking the retention of the old April highs as support.
Others described Monday’s record as a record drop in the US dollar against Bitcoin, including longtime trader Peter Brandt.
“A dollar when I was born is worth eight cents today. $ 1 today will probably be worthless when my grandchildren are my age, ”said a Twitter post on Wednesday.
I am absolutely certain of one thing – the depreciation of the US dollar $ DX_F
1 € when I was born is worth 8 cents today
$ 1 today will probably be worthless if my grandchildren are my age $ BTC pic.twitter.com/bkhlvbZnZD
– Peter Brandt (@PeterLBrandt) November 10, 2021
BTC / USD was circling around $ 66,800 at the time of writing, data from Cointelegraph Markets Pro and TradingView showed after rising at $ 66,250 hours ago.
Consolidation is seizing the major cryptocurrencies
Altcoins copied Bitcoin in its humble comedown, with Ether (ETH) also correcting from all-time highs.
Related: Kraken forecasts a BTC price of $ 96,000 as analysts say the market cap of 1 tonne of Bitcoin is “now cemented”
None of the top 10 cryptocurrencies by market capitalization showed a positive performance in the past 24 hours.
The defeat appeared to be fueled by Tesla shares, which saw a sudden 12% sell-off shortly after it started trading on Tuesday.
Yo @elonmusk, if you are currently selling $ TSLA, at least put the proceeds into #Bitcoin
– Benjamin Cowen (@intocryptoverse) November 9, 2021
CEO Elon Musk’s target of $ 23 billion worth of 10% share sale also remained a topic of debate in hopes that Bitcoin would see new engagement from the world’s richest man.