Bitcoin set to fall further before breaching $70,000

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.