Bitcoin has further to fall before BTC attacks $70K
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.
Target $65,000 for Bitcoin
“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.
Consolidation takes hold of major cryptocurrencies
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.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 80.8% | 26 | $18 917.31 | -1.02% | -4.11% | $362 463 667 283 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 71.6% | 54 | $1 298.77 | -3.27% | -6.06% | $159 129 662 025 |  |
|
| 3 |  USDT |
Tether predictions | 95.6% | 1 | $1.000070 | 0% | 0% | $67 959 486 248 |  |
|
| 4 |  USDC |
USD Coin predictions | 96% | 1 | $1.000058 | 0.01% | 0% | $49 596 112 733 |  |
|
| 5 |  BNB |
Binance Coin predictions | 88% | 15 | $274.90 | -1.14% | 0.65% | $44 352 122 648 |  |
|
| 6 |  XRP |
XRP predictions | 61.6% | 74 | $0.501984 | 0.54% | 26.46% | $25 023 258 974 |  |
|
| 7 |  BUSD |
Binance USD predictions | 93.6% | 1 | $1.000777 | 0.03% | 0.03% | $20 533 202 140 |  |
|
| 8 |  ADA |
Cardano predictions | 80.4% | 33 | $0.449897 | -2.32% | -3.88% | $15 400 494 496 |  |
|
| 9 |  SOL |
Solana predictions | 80.8% | 28 | $32.71 | -3.79% | 0.84% | $11 601 976 269 |  |
|
| 10 |  STETH |
Lido stETH predictions | 95.6% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 11 |  DOGE |
Dogecoin predictions | 85.6% | 14 | $0.061846 | -3.69% | 3.13% | $8 205 146 170 |  |
|
| 12 |  DOT |
Polkadot predictions | 78.8% | 41 | $6.23 | -3.04% | -8.15% | $6 984 955 644 |  |
|
| 13 |  DAI |
Dai predictions | 92.4% | 1 | $0.999539 | -0.04% | -0.04% | $6 927 324 765 |  |
|
| 14 |  MATIC |
Polygon predictions | 73.6% | 55 | $0.749357 | -2.69% | -5.72% | $6 545 118 739 |  |
|
| 15 |  SHIB |
SHIBA INU predictions | 79.2% | 42 | $0.000011 | -3.43% | -2.78% | $6 126 642 475 |  |
