Bitcoin has further to fall before BTC attacks $70K, says trader
Bitcoin has farther to fall earlier BTC attacks $70K, says trader
Bitcoin and altcoins see retracement amid a short-term target of April'south all-fourth dimension highs to human activity as back up for BTC/USD.
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Bitcoin (BTC) remains bullish but has "i more leg downward" to complete before a resurgence, one trader argues.
In an analysis on November. ten, popular Twitter account Crypto Ed said that the pullback from this week'south all-time highs in a higher place $68,500 was turning out to be deeper than predictable.
Target $65,000 for Bitcoin
"Going a bit deeper every bit I was expecting yesterday. Looks like it will do 1 more leg down to complete that ABC," he said aslope a forecast price trajectory chart.
"Lines up with 2nd chart: taking out those lows and retest support. When bounce, going for 70k."
BTC/USD could thus fall to every bit low as $65,000 in the short term, marking retention of April's quondam highs as back up.
Others framed Mon's record as a tape slump for the United States dollar against Bitcoin, amongst them longtime trader Peter Brandt.
"$ane when I was born is worth 8 cents today. $1 today will probable to be worthless when my grand kids are my age," part of a Twitter post read Wednesday.
There is one thing in the markets I am absolutely certain of -- the failing value of the U.Due south. Dollar $DX_F
— Peter Brandt (@PeterLBrandt) November ten, 2022
$1 when I was born is worth eight cents today
$ane today volition likely to be worthless when my thousand kids are my historic period$BTC pic.twitter.com/bkhlvbZnZD
BTC/USD circled $66,800 at the time of writing, data from Cointelegraph Markets Pro and TradingView showed, having bounced at $66,250 hours previously.
Consolidation takes concord of major cryptocurrencies
Altcoins, meanwhile, copied Bitcoin in its small comedown, with Ether (ETH) also correcting from best highs.
Related: Kraken predicts $96K BTC toll tiptop every bit analyst says $1T Bitcoin marketplace cap is 'now cemented'
None of the top 10 cryptocurrencies past market capitalization showed positive performance over the past 24 hours.
The rout seemed to exist fuelled past Tesla stock, which experienced a sudden 12% sell-off shortly after the start of trading Tuesday.
Yo @elonmusk if you are selling $TSLA right now, at least put the gain into #Bitcoin
— Benjamin Cowen (@intocryptoverse) Nov 9, 2022
The destination of CEO Elon Musk's 10% stock sale worth $23 billion also remained a topic of debate amongst hopes that Bitcoin would see a fresh commitment from the world's richest homo.
Source: https://cointelegraph.com/news/bitcoin-has-further-to-fall-before-btc-attacks-70k-says-trader
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