The price of Bitcoin has experienced some instability in recent hours, declining by almost 3%. This negative price action has drawn more attention to the largest digital asset, especially with the US election fast approaching. Many analysts are now 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 BTC market, proclaiming the dip below $70,000 as a concerning development. The premier cryptocurrency had risen by over 23% in the past three weeks, trading briefly above $73,000 before experiencing a pullback to around $69,000 on Friday. Interestingly, 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 and describing it as the “last line of defense” for market bulls.
In the past few hours, Bitcoin has fallen below $69,000, reaching around $67,900. According to Bennet’s prediction, Bitcoin could now slump as low as $65,000, where its next major resistance lies. Importantly, 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 stated his expectation that Bitcoin will eventually surpass its all-time high (ATH) at $73,750, though he remains uncertain of how low the asset will trade before achieving this feat.
Since hitting its ATH in March, Bitcoin has shown range-bound price movement between $55,000 and $72,000, even despite positive market indicators like Fed rate cuts and significantly high inflows in the Spot Bitcoin ETF market. However, the traditionally bullish Q4, potential for sustained heightened ETF inflows, and the upcoming US election signal an imminent possible price breakout for the crypto market leader.
Despite the recent price loss, data from CoinMarketCap shows that the general market sentiment on Bitcoin remains highly bullish ahead of the US general election. Historically, the pioneering cryptocurrency has experienced declines in the days leading to an 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 to be unfazed as Bitcoin’s price has always gone parabolic after the elections.
At the time of writing, the crypto market leader continues to trade around $68,175 following a 2.52% loss in the past day. However, the daily trading volume is down by 53.91% and is valued at $21.76 billion.
