October has been a bullish month for Bitcoin, with its price jumping 13% from $58K to reach $73K. But today, Bitcoin took a sudden 4% dive, now sitting around $69,000. This drop comes just as election odds for crypto supporter Donald Trump slip against Vice President Kamala Harris on the Polymarket. Could this election shift lead to further drops in Bitcoin’s price?
Polymarket, a prediction market, recently showed a dip in Donald Trump’s chances of winning the 2024 U.S. election, with his odds dropping to 61.9%, while Kamala Harris saw a rise to 37.9%.
Sean Farrell, head of digital-asset strategy at Fundstrat Global Advisors, noted that Trump’s declining odds could create uncertainty among investors. Trump has always advocated for making the U.S. a global leader in cryptocurrency, while Harris has pledged a balanced approach to crypto regulation.
This stands in contrast to President Joe Biden’s cautious stance on the industry, adding to concerns within the crypto community.
Another sign of trouble for Bitcoin is the decline in investor interest. Active addresses on the Bitcoin network have dropped to about 734,000, down 25% from the peak of 986,000 seen in March.
Many investors are likely holding back, waiting for the election results on November 5 before making significant moves in the market.
If Bitcoin’s price continues to struggle, the next important support level to watch is $68,958. If it falls below this mark, analysts warn of a more significant drop, potentially revisiting levels around $65,099 or even lower to $63,364.
However, a breakdown past $68,958 might lead to an 8% to 13% decrease in Bitcoin’s price. As of now, Bitcoin is trading around $69,439 reflecting a drop of 4% seen in the last 24 hours. This situation highlights the need for a careful Bitcoin price prediction as market dynamics shift.
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