Bitcoin (BTC) is still bullish, but according to the trader, it has “another phase” to complete before it recovers.
In an analysis released on November 10, popular Twitter account Crypto Ed said the breakaway from this week’s record highs above $68,500 was deeper than expected.
Target $65,000 per bitcoin
“It goes a little deeper than I expected yesterday. Along with the price path forecasting chart, it looks like it will take another phase to complete the ABC,” he said.
“In line with the second chart: get rid of these dips and test the support again. When it bounces, it reaches 70K.”
As such, BTC/USD could drop to $65,000 in the short term, which indicates that the old April highs are being held as support.
Bitcoin/US dollar price scenario. Source: Crypto Ed / Twitter
Others described Monday’s record drop in the US dollar against bitcoin, including longtime trader Peter Brandt.
“One dollar when I was born equals 8 cents today. One dollar today will probably be useless when my grandchildren are my age,” read a Twitter post on Wednesday.
According to Cointelegraph Markets Pro and TradingView, BTC/USD is at $66,800 at the time of writing, having retraced to $66,250 an hour ago.
1 hour BTC/USD light chart (bit print). Source: TradingView
Consolidation is taking over the big cryptocurrencies
Meanwhile, altcoins copied bitcoin into its modest decline, and Ether (ETH) also corrected from all-time highs.
Related: Kraken Expects Bitcoin to Reach $96,000, Analyst Says $1 Trillion Bitcoin Market Cap ‘Now Fixed’
None of the top 10 cryptocurrencies by market capitalization have shown positive results in the last 24 hours.
ETH/USD 1 hour light chart (bit print). Source: TradingView
That trajectory appears to have been driven by Tesla stock, which abruptly dropped 12% shortly after Tuesday’s trading began.
The destination of the $23 billion sale of CEO Elon Musk’s 10% stake has also been debated in hopes that Bitcoin will see renewed commitment from the world’s richest man.