News View Non-AMP

Bitcoin Price Prediction for Next 48 Hours: Analyst Warns of Dip Below $66K!

Published by
Qadir AK

With the U.S. 2024 elections heating up and pro-crypto candidate Donald Trump leading in several major polls, Bitcoin (BTC) is showing signs of a short-term downtrend. Over the past week, Bitcoin’s price has dropped by more than 4%, holding above a critical support level of around $68.5k as of Tuesday morning, November 5, in the New York session.

Bitcoin closed October with a bullish sentiment, but November has opened with a bearish tone. Historically, Bitcoin has shown more declines than gains in November and December, making this period one of caution for investors.

Why Bitcoin Investors Are Derisking

Since retesting its all-time high in late October above $73k, Bitcoin price has been trapped in a falling trend. The low demand for Bitcoin in the past few days, as shown by the cash outflows from the US spot BTC ETFs, has weighed down the bullish sentiment. 

Record Cash Outflows Show Investor Caution

On Monday, the US spot BTC ETFs registered the highest cash outflows since early May of about $541 million. The short-term uncertainties of the US elections are expected to heighten crypto volatility in the coming days, and thus remain unattractive to investors.

Adding to the mix, the Bank of England and the Federal Reserve are expected to announce rate cuts this Thursday in an effort to stimulate economic growth. These developments have led many investors to shift funds into stablecoins, which offer more stability amid economic and political uncertainty.

BTC Price to Dip Further?

Popular crypto analyst Ali Martinez has noted that Bitcoin is currently retesting a key one-hour falling trendline, which has held over the past few days. Having been rejected five times at this level recently, Martinez suggests Bitcoin may continue its decline toward the $66k support range in the short term.

Could Election Results Trigger a Sell-Off?

Meanwhile, crypto critic Peter Schiff has warned of a potential “sell-the-news” reaction after the election, suggesting that Bitcoin may face more selling pressure.

However, this bearish outlook could be offset if Bitcoin consistently closes above $71k, signaling a stronger support level and possibly drawing renewed interest from bullish investors.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Recent Posts

This Hot New Altcoin In DeFi Is Turning Heads

As the month of May draws to a close, investors are searching for the best…

June 1, 2025

Best Crypto Coins to Watch This Week and Buy

This week’s crypto spotlight shines brightly on a select group of coins capturing investor interest…

June 1, 2025

Missed Bitcoin at $1? Bitcoin Solaris at $5 Is the Closest You’ll Get to a Real Second Shot

Most investors who passed on Bitcoin early didn’t lack belief — they lacked access, context,…

June 1, 2025

MOONPIG Price Crashes 65% & Kaspa Holds as Punisher Coin See Whale Action: Is this the Next 1000x Pump?

Is meme coin season peaking, or just getting smarter? Right now, Kaspa (KAS) market sentiment…

June 1, 2025

Pi Network 2025 Year-End Price Prediction

The Pi Network price charts are showing signs of brewing tension, with the price moving…

June 1, 2025

XRP Price News: Key Levels to Watch This Week

The cryptocurrency market continues to keep traders on edge, and XRP is no exception. Let’s…

June 1, 2025