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Trader Says Bitcoin Will Drop Further Before BTC Attacks $70K

One trader argues that bitcoin (BTC) remains bullish but has “one more leg down” to complete before a resurgence.

In an analysis on November 10, popular Twitter account CryptoAd said that the pullback from this week’s all-time high above $68,500 was deepening more than expected.

Target $65,000 for Bitcoin

“Going a little deeper than I was expecting tomorrow. Looks like it will take 1 more leg down to complete that ABC,” he said With a forecast price trajectory chart.

“Second lines up with chart: clearing those lows and reclaiming support. When bounce, going for 70k.”

Thus, BTC/USD could drop to $65,000 in the near term, retaining the old April high as support.

BTC/USD Price Scenario. Source: crypto ad/twitter

Others framed Monday’s record fall for the United States dollar against bitcoin, among them longtime trader Peter Brandt.

“$1 when I was born is worth 8 cents today. $1 today is likely to be worthless when my grandchildren are my age,” part of a Twitter post read on Wednesday.

At the time of writing, BTC/USD is hovering around $66,800, data from Cointelegraph Markets Pro and TradingView shows, having previously bounced back to $66,250.

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

Consolidation takes hold of major cryptocurrencies

Meanwhile, Altcoins copied Bitcoin in its modest decline, with Ether (ETH) also correcting from an all-time high.

RELATED: Kraken Predicts $96K BTC Price Tops As Analyst Says $1T Bitcoin Market Cap Is ‘Now Firm’

None of the top 10 cryptocurrencies by market capitalization showed a positive performance in the last 24 hours.

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

The path seemed to have been driven by Tesla’s stock, which suddenly experienced a 12% sell-off shortly after trading began Tuesday.

The destination of CEO Elon Musk’s 10% stock sale for $23 billion has also been the subject of debate amid hopes that bitcoin will see a new commitment from the world’s richest man.

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