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

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 week’s 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 April’s old highs.

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

Others, including long-time trader Peter Brandt, framed Monday’s 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 Bitcoin’s 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 you’re selling $TSLA now, please at least transfer the proceeds to #Bitcoin
— Benjamin Cowen (@intocryptoverse) November 9, 2021

The topic of Elon Musk’s $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.

https://cointelegraph.com/news/bitcoin-has-further-to-fall-before-btc-attacks-70k-says-trader