Tuesday, November 5, 2024
HomeCrypto NewsWhy Bitcoin is Dropping Today? Can We Expect More Crash Tomorrow?

Why Bitcoin is Dropping Today? Can We Expect More Crash Tomorrow?

The crypto market has experienced a strong bearish pullback. This has resulted in the Bitcoin price losing ~7% in valuation over the past few days. Following this, the altcoin market has experienced a similar price action.

With a neutral start to the week, is this a good time to enter the crypto market as only a few hours remain for the next U.S. Presidential election? In this article, we have covered the potential short-term possibilities!

BTC Price Breaks Below The $70k Level!

The Bitcoin price has recorded a neutral price action over the past week by recording a variation of less than 2% during this time. Moreover, amid increased volatility, the star crypto has failed to hold its value above the $69k level.

TradingView: BTC/USDT

The SMA indicator has displayed a bearish convergence in its 1D time frame, indicating an increase in the selling pressure for the Bitcoin price.

Further, the MACD shows a rising red histogram with its averages experiencing a negative crossover. This suggests that the star crypto may continue losing value.

Trump Vs Harris Polymarket Statistics

The Polymarket has recorded a stable decline in Trump’s winning percentage. Notably, the winning percentage of Donald Trump has reduced to 57.9% from a peak of 71.5% over the recent time.

Source: Polymarket

However, on the other hand, the winning rate of Kamala Harris has increased to 42.2% from 1.3% on 26th June this year. With only a few hours remaining before the next U.S. Presidential election, investors have now entered into a FOMO-like situation.

U.S. Election 2024 Impact On Altcoins!

With increased volatility in the crypto market, the altcoin market is losing dominance to Bitcoin. Notably, BTC price has crossed the 60% mark for the first time since March 2021.

Source: CoinMarketCap

Moreover, the dominance of Ethereum has reduced to 13.2% from a high of over 18% this year. This indicates a negligible chance of an altcoin season anytime soon.

Will Bitcoin Price Hit A New High This November?

Suppose, if the odds favor the market, this could result in the BTC crypto breaching its ATH of $73,750.07 and heading toward the $80,000 range.

On the contrary, an unfavorable outcome could potentially pull the price toward its $60,000 level.

Also, read Bitcoin (BTC) Price Prediction!

FAQs

Bitcoin next 24 hours Prediction?

BTC price is likely to range between $68k and $70k for the next 24 hours.

Will BTC price hit $100k this 2024?

Increased bullish sentiment in the crypto market post-U.S. election could potentially result in this project heading toward the $100k mark.

Will Bitcoin hit new ATH if Trump wins the election?

The market is expected to quickly retest its ATH of $73,750.07 if Trump wins. If bullish sentiment sustains, it could head toward its $80K level.

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