In recent hours, Bitcoin has experienced a notable fluctuation, with its price decreasing by nearly 3%. This downward trend has captured the attention of the cryptocurrency community, particularly as the US election looms closer. While some market analysts express skepticism about Bitcoin’s short-term trajectory, seasoned trader Justin Bennett has already shared important insights into the potential future of this leading digital asset.
Bitcoin Breaches Crucial $69,000 Support Zone
On November 1, in a detailed analysis shared on platform X, Justin Bennett highlighted the significance of Bitcoin’s dip below the $70,000 mark, marking it as a pivotal moment for the cryptocurrency. Over the preceding three weeks, Bitcoin had surged by more than 23%, briefly exceeding $73,000 before retracting to approximately $69,000. Bennett identified $69,000 as a vital support zone, underscoring its importance as the “last line of defense” for bullish traders.
In recent hours, Bitcoin has slipped further, reaching approximately $67,900. Bennett anticipates that the cryptocurrency could potentially drop to $65,000, which he identifies as the next significant resistance point. Such a decline would suggest that Bitcoin remains within a consolidation range that has persisted over the past eight months.
Looking ahead, Bennett remains optimistic about Bitcoin’s potential to eventually surpass its all-time high (ATH) of $73,750. However, he acknowledges the uncertainty surrounding how low Bitcoin might trade before achieving such a milestone. Since reaching its ATH in March, Bitcoin’s price movements have mainly oscillated between $55,000 and $72,000, despite positive market indicators such as Federal Reserve rate cuts and substantial inflows into the Spot Bitcoin ETF market.
Nevertheless, the historically bullish fourth quarter, coupled with the potential for sustained ETF inflows and the impending US election, hints at a possible imminent breakout for Bitcoin, the leader of the crypto market.
Bitcoin Sentiment Bullish As US Election Approaches
Despite recent setbacks, data from CoinMarketCap reveals that market sentiment around Bitcoin remains predominantly bullish, especially with the US general election on the horizon. Historically, Bitcoin has often witnessed price declines in the days leading up to the election, with drops of 10.2% in 2016, 6.1% in 2020, and a recent 6.3% in 2024. Although further declines are possible before the election date on November 5, many investors remain optimistic, as Bitcoin’s price historically tends to surge after elections.
Currently, Bitcoin continues to trade around $68,175, having experienced a 2.52% decrease in the past day. The daily trading volume has also decreased by 53.91%, currently valued at $21.76 billion. These metrics suggest a market in anticipation, waiting to see how upcoming events, like the US election, might influence Bitcoin’s future trajectory.
