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.
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.
There’s one thing in the markets I’m pretty sure about – the falling value of the US dollar $DX_F
$1 when I was born today costs 8 cents
$1 is likely to be worthless today when my grandchildren are my age$BTC pic.twitter.com/bkhlvbZnZD
— Peter Brandt (@PeterLBrandt) November 10, 2021
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.
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.
The path seemed to have been driven by Tesla’s stock, which suddenly experienced a 12% sell-off shortly after trading began Tuesday.
— Benjamin Cowen (@intocryptoverse) November 9, 2021
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.