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% | 31 | $44 194.78 | 1.91% | 13.95% | $864 662 582 104 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 80.4% | 36 | $2 370.51 | -0.24% | 12.72% | $284 977 242 137 |  |
|
| 3 |  USDT |
Tether predictions | 92.8% | 1 | $1.000302 | 0.02% | 0% | $90 362 894 198 |  |
|
| 4 |  BNB |
Binance Coin predictions | 86% | 17 | $244.77 | 4.20% | 6.71% | $37 130 937 126 |  |
|
| 5 |  XRP |
XRP predictions | 84.8% | 28 | $0.687779 | 6.90% | 11.78% | $37 110 813 461 |  |
|
| 6 |  SOL |
Solana predictions | 78.8% | 38 | $76.42 | 5.66% | 23.68% | $32 550 547 517 |  |
|
| 7 |  USDC |
USD Coin predictions | 96% | 1 | $1.000017 | 0% | 0.01% | $24 500 256 641 |  |
|
| 8 |  ADA |
Cardano predictions | 76.8% | 38 | $0.592594 | 23.64% | 53.34% | $20 929 830 721 |  |
|
| 9 |  DOGE |
Dogecoin predictions | 70.8% | 53 | $0.103093 | 6.13% | 22.44% | $14 655 575 281 |  |
|
| 10 |  AVAX |
Avalanche predictions | 76% | 50 | $32.21 | 18.70% | 46.79% | $11 780 639 091 |  |
|
| 11 |  STETH |
Lido stETH predictions | 96% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 12 |  TRX |
TRON predictions | 94% | 7 | $0.108349 | 2.94% | 4.72% | $9 585 997 392 |  |
|
| 13 |  WTRX |
Wrapped TRON predictions | 92.4% | 7 | $0.108050 | 3.07% | 4.47% | $9 559 528 631 |  |
|
| 14 |  LINK |
Chainlink predictions | 76% | 38 | $17.16 | 6.87% | 10.20% | $9 554 991 817 |  |
|
| 15 |  DOT |
Polkadot predictions | 80% | 38 | $7.45 | 18.63% | 35.64% | $9 346 749 094 |  |
