Bitcoin Crash Alert During US Election Week, Will BTC Price Plunge to $65K?

Bitcoin fell greater than 6.5% to round $69,200 on November 1, after a latest peak of $73,600. The decline coincides with Trump’s shrinking lead over Kamala Harris in prediction markets comparable to PredictIt, Polymarket and Kalshi. With this sudden drop, the market is buzzing with ideas of an extra drop in BTC in the direction of $65,000.

Based on crypto analyst Credible Crypto, Bitcoin is in a essential place because it hovers round $69,000. warned are X followers about potential bearish indicators. Credible Crypto, a notable determine within the buying and selling group, warns that if Bitcoin fails to carry the $65,000 assist stage, the market might shift right into a downtrend. This stage is what he calls the ‘must-hold’ zone for bulls, as a drop beneath it might set off a bearish transfer, placing Bitcoin’s rally goals on maintain.

The significance of $65,000 for bullish momentum

Wanting on the market situation, the analyst suggests {that a} rebound from the $65,000-$69,000 vary might push Bitcoin in the direction of a retest of the $74,000 mark. He stays cautiously optimistic, however emphasizes that holding this assist vary is important for continued upward momentum. Ought to Bitcoin handle to carry this zone, it might have the potential to comb the final set of untapped highs and revive its rally aspirations.

Weak market indicators regardless of $71,000 breakout

The analyst additionally questions Bitcoin’s latest transfer above $71,000, noting that it didn’t present the hallmarks of a robust uptrend. Credible Crypto explains that the rise was primarily pushed by leveraged lengthy positions and never stable shopping for, indicating an absence of sustained bullish stress. Actual upside momentum, he stated, would require impulsive worth motion fueled by market shopping for relatively than leveraged trades.

What’s subsequent for Bitcoin?

Presently buying and selling round $69,708, Bitcoin’s future largely will depend on its potential to carry the $65,000 assist zone. For bulls, staying inside this vary is important to maintain the rally alive and keep away from a potential bearish shift. This essential area might decide whether or not Bitcoin’s rally aspirations maintain or whether or not the market will expertise a downtrend.