Bitcoin price has experienced some volatility over the past few hours and has fallen by almost 3%. This negative price action is drawing more attention to the largest digital assets, especially with the US elections quickly approaching. While many analysts are currently skeptical about Bitcoin’s immediate moves, pro-trader Justin Bennett has already issued a cautionary insight into the future of the asset.
Bitcoin breaches key $69,000 support zone
IN post X from November 1Bennet shared his analysis of the BTC market, calling the drop below $70,000 a disturbing development. Notably, the top cryptocurrency has surged over 23% over the past three weeks, briefly trading above $73,000 before falling to around $69,000 on Friday. Interestingly, Bennet stated that $69,000 is a critical support zone for Bitcoin. He stressed the importance of maintaining the token’s value above this price level, calling it the “last line of defense” for market bulls.
Over the past few hours, Bitcoin has fallen below $69,000, reaching around $67,900. According to Bennet’s predictions, Bitcoin could now fall as low as $65,000, which is where its next major resistance lies. Importantly, such a decline will mean that digital assets are not yet out of the consolidation range that has stretched over the last eight months.
In terms of future price gains, Bennet expressed his expectation that Bitcoin will eventually surpass its all-time high (ATH) of $73,750, although he remains uncertain how low the asset will trade before it achieves this feat.
Since hitting ATH in March, Bitcoin has only generated a swinging price movement in the $55,000 to $72,000 range, even despite positive market indicators such as Fed interest rate cuts and significantly high inflows into the Spot Bitcoin ETF market. However, a traditionally bullish fourth quarter, the potential for continued increased ETF inflows and the upcoming US elections signal an imminent possible price breakout for the cryptocurrency market leader.
Bitcoin sentiment is bullish as the US elections approach
Despite the recent price drop, data from CoinMarketCap shows that overall Bitcoin market sentiment remains very bullish ahead of the US general election. Historically, it was a virgin cryptocurrency always experienced 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. Although there is still the possibility of further price drops ahead of D-day 5 November, investors are probably not worth worrying about because the price of Bitcoin has always gone parabolic after the election.
At the time of writing, the cryptocurrency market leader is still trading around $68,175 after losing 2.52% last day. However, the daily trading volume dropped by 53.91% and is valued at $21.76 billion.
