Bitcoin must continue to fall before BTC attacks $ 70,000, the trader says

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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.

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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.

BTC / USD price scenario. Source: Crypto Ed / Twitter

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.

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.

BTC / USD 1-hour candle chart (Bitstamp). Source: TradingView

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.

ETH / USD 1-hour candle chart (Bitstamp). Source: TradingView

The defeat appeared to be fueled by Tesla shares, which saw a sudden 12% sell-off shortly after it started trading on Tuesday.

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.