Bitcoin Tipped to Drop to Almost $70,000 Amid Healthy Cooling

Bitcoin (BTC) faces potential “short-term issues” on its path to reaching six figures, including a possible correction to around $70,000. In a Quicktake market update on Nov. 16, on-chain analytics platform CryptoQuant suggested that BTC price action could experience some “healthy cooling.” BTC price analysis highlights possible correction Bitcoin has been trading near $90,000, with week-to-date gains nearing 13% as the weekly close approaches. CryptoQuant contributor BaroVirtual suggested that BTC/USD might enter a consolidation phase, with a potential downside target of just above $70,000. The analysis centers on two moving average (MA) trend lines, which are now approximately 20% apart.

Source: CryptoIntelligence