Bitcoin (BTC) is still significantly bullish. However, it has “one more leg down” to complete before a resurgence pushes it towards $70,000. BTC and altcoins are seeing a retracement amid a near-term target of April’s all-time highs to change into support for the BTC/USD pair.
In a November 10, analysis, a popular Twitter account Crypto Ed stated that the latest pullback from this week’s all-time highs above $68,500 was turning out to be significantly deeper than expected.
Bitcoin Targets $65,000
Crypto Ed said alongside a forecast price trajectory chart:
“Going a bit deeper as I was expecting yesterday. Looks like it will do 1 more leg down to complete that ABC. Lines up with 2nd chart: taking out those lows and retest support. When bounce, going for 70k.”
Bitcoin might therefore drop to as low as $65,000 in the near term, making the retention of April’s old highs as support.
Other analysts framed November 8’s record as a record slump for the United States dollar against Bitcoin, among them the long-term trader Peter Brandt. Part of the Twitter post read on November 10, 2021:
“$1 when I was born is worth 8 cents today. $1 today will likely be worthless when my grandkids are my age.”
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
Bitcoin is circling above $68,00 at the time of publication, data from TradingView showed, having recovered from $66,200 in previous hours.Buy Bitcoin Now
Consolidation Dominates Major Cryptocurrencies
In the meantime, altcoins copied Bitcoin in its comedown, with Ether also correcting from its all-time highs.
None of the current top 10 cryptos by market cap showed any meaningful positive performance over the last 24 hours.
The rout appeared to be pushed by the Tesla stock that experienced an abrupt 12% sell-off briefly after the start of trading on Tuesday.
— Benjamin Cowen (@intocryptoverse) November 9, 2021
Furthermore, the destination of CEO Elon Musk’s 10% stock sale worth about $23 billion also dominated market discussions. There are hopes that Bitcoin might see a new commitment from the richest man in the world.