The price of Bitcoin has seen some instability in recent hours, falling by almost 3%. This negative price action is drawing more attention to the largest digital asset, especially as the US elections approach. While many analysts are now skeptical of Bitcoin’s immediate moves, professional trader Justin Bennett has already issued a warning about the asset’s future.
Bitcoin Violates Crucial $69,000 Support Zone
In an X article on November 1, Bennet shared analysis of the BTC market, proclaiming the fall below $70,000 as a concerning development. Notably, the leading cryptocurrency rose more than 23% over the past three weeks to briefly trade above $73,000 before seeing a pullback to around $69,000 on Friday. Interestingly, Bennet said that $69,000 represents a critical support zone for Bitcoin. He stressed the importance of maintaining the token’s value above this price level, describing it as the “last line of defense” for market bulls.
Over the past few hours, Bitcoin fell below $69,000 to around $67,900. According to Bennet’s predictions, Bitcoin could now fall as low as $65,000, where its next major resistance lies. Importantly, such a decline will indicate that the digital asset has not yet broken out of a consolidation range that extends over the past eight months.
In terms of future price gains, Bennet said he expects Bitcoin to eventually surpass its all-time high (ATH) at $73,750, although he remains uncertain about the asset’s trading low. before achieving this feat.
Since hitting its ATH in March, Bitcoin has produced only limited price movement between $55,000 and $72,000, even despite positive market indicators such as Fed rate cuts and the significantly high inflows into the Spot Bitcoin ETF market. However, a traditionally bullish fourth quarter, the potential for increased ETF inflows and the upcoming US elections signal a possible looming price breakout for the crypto market leader.
Bitcoin Sentiment Is Bullish As US Elections Approach
Despite the recent price loss, data from CoinMarketCap shows that overall market sentiment towards Bitcoin remains very bullish as the US general election approaches. Historically, the leading cryptocurrency has always seen a decline in the days leading up to elections, with price drops of 10.2% in 2016, 6.1% in 2020, and most recently 6.3% in 2024. Although there is always the possibility of further price losses before the big day on November 5, investors are unlikely to be bothered as the price of Bitcoin still went parabolic after the election.
At the time of writing, the crypto market leader continues to trade around $68,175 after a 2.52% loss over the past day. However, the daily trading volume is down 53.91% and is valued at $21.76 billion.
