Bitcoin Price Prediction: BTC Struggles to Hold Above $67K as Bears Target $60K Pre-US Election

Bitcoin price recently attempted to break its all-time high (ATH) set near $73,700, but the rally met strong resistance, halting the uptrend.

Bitcoin price faced strong resistance at around $73,562 on Oct. 30, 2024, in its latest attempt to break its all-time high. The rally was halted, and the token began a bearish trend, dropping to $68,000 on Nov. 4.

The upcoming U.S. presidential election is also expected to bring increased volatility to the markets, as uncertainty usually heightens around major political events. While some anticipate a potential rebound, others remain cautious, especially after Bitcoin failed to secure a new all-time high.

The bearish market outlook adds another layer of risk to the market environment.

Independent market analyst Alan Santana highlighted a pattern in Bitcoin’s price movements. He noticed similarities between the 2021 double-top formation and the current setup in 2024.

In both cases, Bitcoin reached a high with rising volume, followed by a second peak with declining volume, which might indicate an exhaustion of bullish momentum.

Santana observed that the recent peak showed low market participation, with whale dominance and minimal retail involvement, which added a layer of risk since retail participation is usually an indicator of broader market interest.

Daan Crypto Trades offered a predictive analysis, projecting potential volatility in response to the U.S. election outcome. According to Daan, Bitcoin’s price could swing by at least 10%, either up or down, depending on the election result.

Other bearish cues include a reversal in the “Cryptoasset Sentiment Index” from bullish to neutral, indicating a shift in market sentiment that often precedes a price pullback.

Moreover, Bitcoin spot net buying volumes on exchanges have not accelerated, with net selling volumes suggesting that holders are offloading their positions, leading to potential downward pressure on prices, Andre Dragosch, Head of Research at Bitwise, said in a research note.

Interestingly, Bitcoin whales transferred a significant amount of BTC (29,000 BTC) to exchanges, which is usually a precursor to selling and can increase selling pressure, especially if whales aim to liquidate their holdings.

bulls struggling to hold BTC above $67,000

Meanwhile, the BTC USD pair broke through several support levels in its six day long bear run that saw the token drop nearly 8% to reach a daily low around $67,200 on Nov. 4. However, the bulls managed to halt the downtrend and keep BTC price above $67,000.

A Harris win could see BTC price giving up more of its gains, potentially leading the token to the 100-day EMA (blue) support near $63,980.

Failure of the EMA support might result in Bitcoin price testing the support near $59,600 before recovering.

On the other hand, a recovery from here would see BTC price facing resistance near the $71,650 price level. Breaking and consolidating above it might help the token rally to a new all-time high enar near $77,800.

The RSI for BTC remained neutral, with a score of 50.67 on the daily charts.