BTC Price Analysis: Will Bitcoin Crash Further During US Election Week?

On November 1, Bitcoin fell sharply by over 6.5%, dropping to around $69,200 after reaching a recent peak of $73,600. There is immense political uncertainty. As Donald Trump’s lead over Kamala Harris narrows in prediction markets, a sense of unease has gripped the crypto market. With this sudden price drop, investors are now grappling with the possibility of a further decline, potentially towards the crucial $65,000 support level.

Bitcoin is now in a critical position, hovering around the $69,000 mark. Well-known crypto analyst Credible Crypto has warned his followers on X about potential bearish signs. He points out that if Bitcoin cannot hold the important $65,000 support level, the market could shift downward.

He refers to this threshold as the “must-hold” zone for bullish traders; falling below this level could change market sentiment and jeopardize Bitcoin’s chances of continuing its upward trend.

Are We Headed for Recovery?

Looking at the current market conditions, Credible Crypto suggests that a bounce from the $65,000-$69,000 range could lead to a retest of the $74,000 mark. While he remains cautiously optimistic, he stresses that holding this support range is crucial for any continued upward movement. If Bitcoin can maintain this zone, it may have the chance to reclaim previously untapped highs and revive its rally aspirations.

Lack of Sustained Momentum

Credible Crypto also questions Bitcoin’s recent rise above $71,000, noting that it didn’t show the signs of a strong upward trend. He explains that this increase was mainly driven by leveraged long positions rather than solid buying interest, which suggests a lack of sustained bullish pressure.

For Bitcoin to achieve true upward momentum, he argues that it must exhibit impulsive price action driven by genuine market buying rather than relying on leveraged trades.

Bitcoin Price Prediction

Currently trading around $69,708, Bitcoin’s future largely depends on its ability to hold the $65,000 support zone. For bullish traders, staying within this range is essential to keep the rally alive and prevent a potential bearish shift. This critical area will ultimately determine whether Bitcoin can sustain its rally ambitions or if the market will face a downward trend.

What are your thoughts on Bitcoin’s future? Will it bounce back or slide down?