Bitcoin and altcoins see retracement amid a short-term target of April’s all-time highs to act as support for BTC/USD. Bitcoin (BTC) remains bullish but has “one more leg down” to complete before a resurgence, one trader argues. In an analysis on Nov. 10, popular Twitter account Crypto Ed said that the pullback from this week’s all-time highs above $68,500 was turning out to be deeper than anticipated.
“Going a bit deeper as I was expecting yesterday. Looks like it will do 1 more leg down to complete that ABC,” he said alongside 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 as low as $65,000 in the short term, marking retention of April’s old highs as support. Others framed Monday’s record as a record slump for the United States dollar against Bitcoin, among them longtime trader Peter Brandt.
“$1 when I was born is worth 8 cents today. $1 today will likely to be worthless when my grand kids are my age,” part of a Twitter post read Wednesday.
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.
Altcoins, meanwhile, copied Bitcoin in its modest comedown, with Ether (ETH) also correcting from all-time highs. None of the top 10 cryptocurrencies by market capitalization showed positive performance over the past 24 hours.
The rout seemed to be fuelled by Tesla stock, which experienced a sudden 12% sell-off shortly after the start of trading Tuesday.
The destination of CEO Elon Musk’s 10% stock sale worth $23 billion also remained a topic of debate amid hopes that Bitcoin would see a fresh commitment from the world’s richest man.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | ![]() |
Bitcoin predictions | 60.8% | 82 | $29 191.52 | -2.06% | 2.70% | $555 914 015 832 | ||
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2 | ![]() |
Ethereum predictions | 64% | 82 | $1 954.39 | -4.11% | -1.82% | $236 158 317 873 | ||
3 | ![]() |
Tether predictions | 92.8% | 1 | $0.998880 | 0% | 0.42% | $74 130 049 611 | ||
4 | ![]() |
USD Coin predictions | 95.6% | 1 | $0.999973 | -0.01% | -0.03% | $52 352 625 225 | ||
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Binance Coin predictions | 63.2% | 83 | $295.49 | -1.54% | 15.82% | $48 246 384 325 | ||
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XRP predictions | 68% | 71 | $0.409560 | -4.29% | 6.64% | $19 799 416 736 | ||
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Binance USD predictions | 93.6% | 1 | $1.001666 | 0.20% | -0.19% | $18 443 180 310 | ||
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Cardano predictions | 64% | 77 | $0.518507 | -7.30% | 14.16% | $17 500 944 869 | ||
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Solana predictions | 58.4% | 84 | $50.68 | -8.06% | 10.69% | $17 098 227 484 | ||
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Dogecoin predictions | 61.2% | 87 | $0.084476 | -4.75% | 5.40% | $11 207 554 336 | ||
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Polkadot predictions | 62.8% | 78 | $9.71 | -7.67% | 16.86% | $9 589 547 375 | ||
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Wrapped Bitcoin predictions | 59.6% | 82 | $29 143.47 | -2.27% | 2.60% | $8 158 800 980 | ||
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Avalanche predictions | 58.8% | 82 | $29.81 | -10.49% | 2.50% | $8 022 029 630 | ||
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TRON predictions | 73.6% | 55 | $0.071895 | 0.68% | -3.97% | $7 014 123 058 | ||
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Dai predictions | 95.2% | 1 | $1.000661 | 0.07% | 0.23% | $6 504 642 637 |
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