Bitcoin’s price has experienced notable instability in the last few hours, declining by nearly 3%. This negative trend has attracted significant attention to the largest digital asset, especially with the US election imminent. Many analysts remain skeptical of Bitcoin’s immediate movements, but pro-trader Justin Bennett has already issued a cautionary insight into the asset’s future.
In an X post on November 1, Bennet shared an analysis of the Bitcoin market, proclaiming the dip below $70,000 as a concerning development. Notably, the premier cryptocurrency had risen by over 23% in the past three weeks, briefly trading above $73,000 before experiencing a pullback to around $69,000 on Friday. Bennet stated that $69,000 represented a critical support zone for Bitcoin, emphasizing the importance of the token’s value staying above this price level, describing it as the “last line of defense” for market bulls.
In the last few hours, Bitcoin has fallen below $69,000, reaching approximately $67,900. According to Bennet’s prediction, Bitcoin could now slump as low as $65,000, where its next major resistance lies. Such a decline would indicate that the digital asset has yet to break out of a consolidation range stretching over the last eight months.
In terms of future price gains, Bennet has expressed his expectation that Bitcoin will eventually surpass its all-time high (ATH) of $73,750, though he remains uncertain of how low the asset will trade before achieving this milestone. Since hitting its ATH in March, Bitcoin has exhibited range-bound price movement between $55,000 and $72,000, even in the face of positive market indicators such as Federal Reserve rate cuts and significantly high inflows in the Spot Bitcoin ETF market. However, the traditionally bullish fourth quarter, the potential for sustained heightened ETF inflows, and the upcoming US election suggest an imminent possible price breakout for the crypto market leader.
Despite the recent price dip, data from CoinMarketCap indicates that the general market sentiment on Bitcoin remains highly bullish ahead of the US general election. Historically, the premier cryptocurrency has often experienced a decline in the days leading up to the election, with price drops of 10.2% in 2016, 6.1% in 2020, and most recently 6.3% in 2024. While there is still the possibility of further price losses before Election Day on November 5, investors are likely unfazed, as Bitcoin’s price has traditionally skyrocketed after the elections.
At the time of writing, the leading cryptocurrency continues to trade around $68,175 following a 2.52% loss in the past day. However, the daily trading volume has decreased by 53.91% and is valued at $21.76 billion.
