Bitcoin (BTC) remains bullish, but has “some way to go” before a recovery, according to one trader.
In an analysis on Nov. 10, the popular Twitter account Crypto Ed said that the pullback from this week’s all-time high above $68,500 was steeper than expected.
Bitcoin is targeting $65,000
"A bit deeper pullback as I expected yesterday. Looks like it's going to be ABC three waves," he said on a forecasted price chart.
"Consistent with the second chart: take out those lows and retest support. On the bounce, go to $70,000."
Therefore, BTC/USD could drop to lows of $65,000 in the short term, maintaining the old April highs as support.
Long-term trader Peter Brandt is one of others who see Monday as a record plunge for the dollar against bitcoin.
"A dollar when I was born was equivalent to 8 cents today. When my grandchildren are my age, a dollar today may be worthless."
At the time of writing, BTC/USD was trading around $66,800, having rallied to $66,250 a few hours earlier, according to data from Cointelegraph Markets Pro and TradingView.
Major cryptocurrencies consolidate
Meanwhile, altcoins replicated Bitcoin in modest losses, while Ethereum (ETH) also pulled back from all-time highs.
None of the top 10 cryptocurrencies by market capitalization have shown positive performance over the past 24 hours.
The plunge in Tesla stock appeared to be driven by Tesla stock, which fell 12% shortly after the market opened on Tuesday.
Whether Tesla CEO Elon Musk will sell a 10% stake worth $23 billion also remains a topic of debate amid hopes that the world's richest man will make a new commitment to bitcoin.
May 22 is "Bitcoin Pizza Day," commemorating the historic event in 2010 when 10,000 bitcoins were used to purchase two Papa John's pizzas. From $41 worth of pizza to $700 million in wealth, Bitcoin's price surge over the past 15 years has proven it to be the best-performing financial asset in history.
MiyukiBitcoin gained about $1,000 in the second half of the day, seemingly helped by comments from Federal Reserve Chairman Jerome Powell.
JinseFinanceBTC, Bitcoin broke through 70,000 dollars again. Golden Finance, 70,000 dollars, has just started.
JinseFinanceThe author has been undertaking criminal cases and civil cases regarding virtual digital currencies since 2019, and has a certain understanding of the industry situation. Now, combined with relevant domestic and foreign policies and laws, I will make some immature suggestions for the future supervision and governance of virtual digital currencies in our country.
JinseFinanceIt is worth noting that this is the second time in a week that the price of Bitcoin has hit a record high.
JinseFinanceBitcoin hits record $70,000 milestone amidst 34.9% surge in 2 weeks. Ethereum briefly breaches $4,000. Crypto market displays strength and volatility.
Xu LinAs BTC reaches a new all-time high, the question that investors are most concerned about right now is undoubtedly whether BTC can stand firm here and continue its upward trend. Let us wait and see.
JinseFinanceBitcoin's 7% surge, approaching $46,000, is fueled by ETF anticipation and shorts liquidation. Altcoins like Solana and ORDI follow suit. Ethereum rises to $2,363. Notable performers include Sei and Astar Network. Overall market sentiment remains optimistic.
SanyaThe business software firm owns about 130,000 bitcoins worth approximately $2.7 billion on its balance sheet.
OthersBitcoin’s price broke out of a long-term range that had lasted for months, with a daily close above $50,000, prompting traders to extend their short-term price target to $56,000.
Cointelegraph