Bitcoin (BTC), a bullish cryptocurrency, has “one more leg down” before a resurgence. One trader says.
Crypto Ed, a popular Twitter account, said that the pullback from last weeks record highs of $68,500 was deeper than expected.
Bitcoin: Target $65,000
“Going a little deeper than I expected yesterday. It looks like it will do one more leg down to complete the ABC,” he stated alongside a chart of forecast prices.
“Lines up to 2nd chart: taking out the lows and retesting support. If bounce, go for 70k
BTC/USD could fall to $65,000 in the near term, marking support for Aprils old highs.
BTC/USD price scenario. Source: Crypto Ed/Twitter
Others, including long-time trader Peter Brandt, framed Mondays record in a record slump for Bitcoin against the United States dollar.
“$1 in the year I was born is equivalent to 8 cents today.” “When my grand children are my age, $1 today will probably be worthless,” was a tweet 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
According to data from TradingView and Cointelegraph Markets Pro, USD/BTC was at $66,800 as of the writing. It had previously bounced at $66,250 for 66,000 hours.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Consolidation grabs major cryptocurrencies
Altcoins copied Bitcoins modest decline, while Ether (ETH), also corrected from its all-time highs.
Related: Kraken predicts $96K BTC top price as an analyst claims $1T Bitcoin market capital is now cemented.
Over the past 24 hours, none of the top 10 cryptocurrency market capitalizations showed any positive performance.
BITSTAMP: ETH/USD 1-hour candle charts Source: TradingView
Tesla stock was the catalyst for the rout, experiencing a sudden 12% drop shortly after trading began on Tuesday.
@elonmusk, if youre selling $TSLA now, please at least transfer the proceeds to #Bitcoin
— Benjamin Cowen (@intocryptoverse) November 9, 2021
The topic of Elon Musks $23 billion stock sale of 10% to CEO remained controversial amid hopes that Bitcoin would receive a new commitment from the world’s richest man.