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.

BTC/USD price scenario.Source: Encrypted editor/Twitter

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.

At the time of writing, BTC/USD is hovering at $66,800, with data from Cointelegraph Markets Pro with Transaction view It shows that it had previously rebounded to $66,250.

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

Consolidation occupies the main cryptocurrency

At the same time, altcoins copied Bitcoin and Ether (Ethereum) Also from Historical high.

related: Kraken predicts the highest Bitcoin price at $96,000 because analysts say that the Bitcoin market value of $1T is “now consolidated”

In the past 24 hours, none of the top 10 cryptocurrencies by market capitalization has shown positive performance.

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

The plunge in Tesla’s stock appears to have been driven by a sudden drop of 12% shortly after the market opened on Tuesday.

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.