Traders say that Bitcoin will fall further before BTC attacks $70,000
Bitcoin (Bitcoin) Is still bullish, but “one more step” to complete before the recovery, a trader believes.
In an analysis on November 10, the popular Twitter account Crypto Ed stated that the decline from this week’s all-time high of more than $68,500 was greater than expected.
Bitcoin’s target is $65,000
“Just go a little deeper as I expected yesterday. It looks like it will do another leg to complete that ABC,” he Said Next to it is the forecast price trajectory graph.
“Consistent with the second chart: remove those lows and retest the support. For a bounce, it costs 70k.”
Therefore, BTC/USD may fall to a low of $65,000 in the short term, which marks the retention of the old high in April as support.
Others described Monday’s record as a record plunge in the U.S. dollar against Bitcoin, including long-term trader Peter Brandt.
“One dollar I was born is worth 8 cents today. When my grandson is as old as me, today’s one dollar may be worthless,” wrote on Twitter on Wednesday.
I’m absolutely sure of one thing in the market-the depreciation of the U.S. dollar $DX_F
1 dollar at my birth is worth 8 cents today
When my grandson is as old as me, today’s $1 may be worthlessBitcoin pic.twitter.com/bkhlvbZnZD
— Peter Brandt (@PeterLBrandt) November 10, 2021
Consolidation occupies the main cryptocurrency
In the past 24 hours, none of the top 10 cryptocurrencies by market capitalization has shown positive performance.
The plunge in Tesla’s stock appears to have been driven by a sudden drop of 12% shortly after the market opened on Tuesday.
— Benjamin Cowan (@intocryptoverse) November 9, 2021
CEO Elon Musk’s destination 10% stock sale Bitcoin, worth 23 billion U.S. dollars, is still a topic of debate, and people hope that Bitcoin can see the new promise of the world’s richest man.