The price of Bitcoin has experienced volatility in the past few hours falling by around 3%. This negative price action is drawing more attention to the largest digital asset, especially with the US election fast approaching. Although many analysts are now skeptical of Bitcoin’s immediate movement, pro trader Justin Bennett has already released some cautionary information about the future of the commodity.
Bitcoin Breaks Crucial $69,000 Support Zone
In an X post on November 1, Bennet shared an analysis of the BTC market, announcing a dip below $70,000 as concerning development. Notably, the first cryptocurrency rose more than 23% in the past three weeks to briefly trade above $73,000 before experiencing a pullback to around $69,000 on Friday. Interestingly, Bennett said $69,000 represents an important support area for Bitcoin. He emphasized 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 past few hours, Bitcoin has dropped below $69,000 to around $67,900. According to Bennett’s prediction, Bitcoin may now fall to $65,000 where its next resistance lies. Importantly, such a decline would indicate that the digital asset has not yet broken out of the consolidation range that extended over the past eight months.
Regarding future price gains, Bennet said that he expects Bitcoin to eventually surpass the all-time high (ATH) at $73,750, although he remains uncertain how the asset will trade before achieving this.
Since hitting its ATH in March, Bitcoin has only produced limited price movements in the $55,000-$72,000 range even despite positive market indicators such as the Fed rate cut and the very high entry into the Spot Bitcoin ETF market. However, Q4 traditionally, the strength of the continued growth of ETF inflows, and the upcoming US election indicate an imminent price breakout of the crypto market leader.
Bitcoin Sentiment Bullish As US Election Approaches
Despite the recent price loss, data from CoinMarketCap shows the general market sentiment on Bitcoin remains very positive ahead of the US general election. Historically, the girl’s cryptocurrency has been experiencing declines in the days leading up to elections with a rate of 10.2% in 2016, 6.1% in 2020, and most recently 6.3% in 2024. Although there are still chances of price loss before ID-day on November 5, investors may not worry as the price of Bitcoin has been parabolic after the election.
At the time of writing, the crypto market leader continues to trade at around $68,175 following a loss of 2.52% the previous day. However, the daily trading volume decreased by 53.91% and was estimated at $21.76 billion.
