Bitcoin 'Could Fall Further' Before New All-Time High
Bitcoin

Bitcoin 'Could Fall Further' Before New All-Time High

On Twitter, Crypto Ed suggested that BTC could plunge down to $65,000 — not far off the record price first recorded in April.

Bitcoin 'Could Fall Further' Before New All-Time High

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Bitcoin may retreat further before it hits new all-time highs, an analyst has warned.

On Twitter, Crypto Ed suggested that BTC could plunge down to $65,000 — not far off the record price first recorded in April. 
He believes this would pave the way for a bounce toward $70,000.

This psychologically important price level would also come with challenges — not least because a "sell wall" has been established at this zone, indicating some traders may take profits off the table.

Another significant development to look out for on Wednesday is the release of inflation data in the U.S.

Analysts are expecting the Consumer Price Index will have risen by 5.8% year on year in October, in what would mark the highest increase in 31 years.
Bitcoin has been regarded by some as a hedge against inflation because of how it has a fixed supply of 21 million coins.

However, BTC's performance could be stymied if the inflation figures prompt speculation of interest rate hikes far sooner than the Federal Reserve previously suggested.

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Wednesday's Markets

After a sharp pullback from $65,800 on Tuesday, Bitcoin has spent most of the past 24 hours trying to stay above $67,000 — with little success.
Overall, it's fallen by about 1.24% over the past 24 hours as of Wednesday lunchtime in the U.K. — however, BTC does remain up 6.33% over the course of the week.
Most other altcoins in the top 10 by market cap are also flat at present — including Ethereum, Cardano and Solana.