Bitcoin price must continue to fall before it can rise to $ 70,000, says a trader

Bitcoin (BTC) is still bullish, but will have to “go through another section of the downtrend” before surfacing again. according to a dealer.

In one analysis the popular Twitter account from November 10th Crypto Ed said the retreat from this week’s all-time highs above $ 68,500 was lower than expected.

Bitcoin will drop to $ 65,000

“The pullback goes a little deeper than I expected yesterday. It looks like it’ll take another leg down to complete this ABC.”he said next to a chart of the expected price development.

“It is in line with the 2nd chart: break those lows and test the support again. If it bounces, it will go up to $ 70,000.”

Bitcoin price must continue to fall before it can rise to $ 70,000, says a trader
Bitcoin price must continue to fall before it can rise to $ 70,000, says a trader

Because of this, The BTC / USD pair could drop as low as $ 65,000 in the short term, marking support for holding old April highs.

BTC / USD price scenario. Source: Crypto Ed / Twitter

Others described Monday’s record as the record crash of the US dollar against Bitcoin.including experienced dealer Peter Brandt.

A dollar when I was born is worth 8 cents today. A dollar today will probably be worthless if my grandchildren are my age “said part of a message on Twitter on Wednesday.

The BTC / USD pair was hovering around $ 66,800 at the time of writing., based on data from Cointelegraph Markets Pro and TradingView, after bouncing off the previous $ 66,250 hours.

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

Consolidation takes over important cryptocurrencies

Altcoins, for their part, copied Bitcoin in its modest decline; Ether (ETH) also corrected from its all-time highs.

None of the top ten cryptocurrencies by market capitalization showed a positive performance in the past 24 hours.

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

The defeat appeared to be fueled by Tesla shares, which saw a sudden 12% sell-off. shortly after the start of operations on Tuesday.

The fate of the $ 23 billion sale of 10% of CEO Elon Musk’s shares also remained controversial., amid the hope that Bitcoin will see renewed engagement from the world’s richest man.

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