The price of Bitcoin has experienced instability, with a recent nearly 3% decline. This volatility has heightened attention on the cryptocurrency, especially with the impending US election. Pro-trader Justin Bennett predicts potential further price reductions, labeling the breach of the $69,000 support level as significant.
Previously, Bitcoin had surged above $73,000, but is now around $67,900. Bennett forecasts a potential decline to $65,000, a crucial resistance point, unless it can break out of its current consolidation range. Despite this, he remains optimistic about Bitcoin eventually achieving a new all-time high.
Since reaching its ATH in March, Bitcoin has fluctuated between $55,000-$72,000, even amid favorable market conditions like Fed rate cuts and high ETF market inflows. However, the possibility of a bullish Q4 and continued ETF inflows suggest a potential price breakout.
As the US election approaches, Bitcoin sentiment is bullish, despite historical election-related price dips. Investors remain optimistic, anticipating post-election price surges, based on past trends. Currently, Bitcoin trades at around $68,175, with daily trading volumes decreased by 53.91% to $21.76 billion.
