The price of Bitcoin has seen some instability in the past few hours, falling by approximately 3%. This negative price action is driving more attention to the largest digital assets, especially with the US elections quickly approaching. While many analysts are now skeptical of Bitcoin’s immediate moves, pro-trader Justin Bennett has already issued a cautionary outlook on the asset’s future.
Bitcoin breaks the crucial $69,000 support area
in X posted on November 1Bennett shared an analysis of the Bitcoin market, declaring that the drop below $70,000 is a worrying development. Notably, the leading cryptocurrency rose more than 23% in the past three weeks to briefly trade above $73,000 before seeing a pullback to around $69,000 on Friday. Interestingly, Bennett mentioned that $69,000 represents a crucial support area for Bitcoin. He stressed the importance of the token’s value remaining above this price level, describing it as the “last line of defence” for market bulls.
In the past few hours, Bitcoin fell below $69,000 to reach around $67,900. According to Bennett’s forecast, Bitcoin could now fall to a low of $65,000 where the next major resistance lies. Most importantly, such a decline would indicate that the digital asset has not yet emerged from the consolidation extended over the past eight months.
In terms of future price gains, Bennett stated his expectation that Bitcoin will eventually surpass its all-time high (ATH) of $73,750, though he remains unsure how low the asset will trade before achieving that feat.
Since reaching ATH in March, Bitcoin has only produced range-bound price action between $55,000 – $72,000 even despite positive market indicators such as Federal Reserve interest rate cuts and significantly higher inflows into the Spot Bitcoin ETF market. However, a traditionally bullish Q4, the potential for continued rising ETF inflows, and the upcoming US elections point to a potential imminent price breakout for the cryptocurrency market leader.
Bitcoin sentiment is bullish as the US elections approach
Although prices have dropped recently. Data from CoinMarketCap It shows that overall market sentiment on Bitcoin remains very bullish ahead of the US general election. Historically, the first cryptocurrency appeared It always saw a decline In the days leading up to the election with prices falling by 10.2% in 2016, 6.1% in 2020, and most recently by 6.3% in 2024. While there is still potential for further price losses before D-Day on November 5 Second, you probably shouldn’t be upset because Bitcoin’s price always goes parabolic after the election.
At the time of writing, the cryptocurrency market leader continues to trade at around $68,175 after a 2.52% loss in the past day. However, daily trading volume fell by 53.91% to $21.76 billion.