Bitcoin (BTC) remains bullish but has “one more leg down” to complete before a resurgence, one trader argues.
In 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 Bitc
“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 as low as $65,000 in the short term, marking retention of April’s old highs as support.
Others framed Monday’s record as a record slump for the U.S. 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
Consolidation takes hold of major cryptocurrencies
None of the top ten cryptocurrencies by market cap showed positive performance over the past 24 hours.
The rout seemed to be fuelled by Tesla stock, which experienced a sudden 12% sell-off shortly after the start of trading Tuesday.
— 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.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.