Bitcoin has been on a bit of a rollercoaster lately, dropping by almost 3% in the past few hours. This has some people worried, especially with the US election just around the corner.
A Warning from a Pro Trader
Trading expert Justin Bennett thinks Bitcoin’s recent dip below $70,000 is a cause for concern. He says $69,000 was a crucial support level for Bitcoin, and breaking below it could mean a further drop to $65,000.
Bennett believes that Bitcoin needs to stay above $69,000 to avoid entering a consolidation range that it’s been stuck in for the past eight months. He thinks Bitcoin will eventually break its all-time high of $73,750, but he’s not sure how low it will go before that happens.
Election Jitters
Even though Bitcoin has lost some ground recently, overall sentiment is still positive, especially with the US election approaching. Historically, Bitcoin has seen price drops in the days leading up to elections. However, it usually bounces back strongly afterwards.
While there’s a chance Bitcoin could drop further before the election on November 5th, many investors aren’t too worried. They expect Bitcoin to go on a tear after the election, just like it has in the past.
The Bottom Line
Bitcoin is currently trading around $68,175, but its trading volume has dropped significantly. It’s still too early to say whether Bitcoin will continue to fall or if it will rebound soon. However, with the election looming and Bitcoin’s recent price action, things are definitely getting interesting.
