Bitcoin’s BTC/USD price remains depressed, trading at $67,900 as of Friday morning, a slight increase of 1.2%.
What happened: This happened despite reaching nearly $69,000 earlier this week, according to CoinGecko data.
The leading cryptocurrency is currently 8% below its all-time high of $73,737.
Ethereum ETH/USD also showed a small increase of 0.5%, reaching $2,540.
But analysts have suggested the market could face new pressures as volatility and concerns about the U.S. election weigh on investor sentiment.
Injective CEO Eric Chen said in a meeting with Benzinga that Bitcoin’s typical four-year cycle could become longer, potentially leading to a stable but gradual He pointed out that this could lead to an increase.
Eric Chen, CEO of Injective, pointed to a change from Bitcoin’s traditional four-year cycle, saying that that cycle has now been extended, resulting in more stable, long-term, rather than dramatic price fluctuations. This suggests that growth may occur.
“Will the bull market last longer,” Chen said, as Bitcoin’s recent approach to $70,000 has met with resistance, indicating a possible departure from previous bull cycles triggered by halving events. , it will gradually decline in a more stable cycle.”
Chen added that the outcome of the US presidential election could cause a big reaction in the market, and whether the growth phase accelerates or is further delayed depends on investor sentiment after the election.
In a note to Benzinga, Avinash Shekhar, co-founder and CEO of Pi42, said in a note to Benzinga that investors have become cautious amid economic uncertainty and that This further highlights Bitcoin’s volatility and consolidation phase, as its rally has narrowed from 56% to 52%.
Shekhar predicts that historical trends will push Bitcoin into a virtuous cycle in the fourth quarter, potentially reaching new highs by December.
Also read: Institutional Bitcoin investors have their own trading strategies: this is one of them
He said that although the market could be disrupted by macroeconomic and political changes, “Bitcoin tends to enter a positive cycle in the fourth quarter, and there remains tension among investors.” .
Ethereum, on the other hand, appears to be a laggard, with the declining ETH/BTC ratio suggesting that investor interest is shifting from Ethereum to Bitcoin.
Ilya Otichenko, chief analyst at CEX.IO, provided technical analysis and warned that bearish pressure is building, with several indicators pointing to a possible recession.
Bitcoin’s recent attempt to break above the $69,000 mark stalled, falling below the 20-day EMA that previously served as a dynamic support level.
“Momentum indicators…suggest that Bitcoin may face further downward pressure,” Otichenko observed, adding that if Bitcoin fails to maintain its current levels, it could revert to $66,750. He added that it could be tested.
He noted that the bearish divergence on the daily chart and weakness in the RSI indicate that a correction phase could continue for Bitcoin, especially if it fails to break through key technical resistance points.
Otichenko also said that a break below the 20-day EMA could lead to further decline, with the 200-day SMA being the next potential support level.
What’s next: Benzinga’s Future of Digital Assets event on November 19 will go deeper into the forces shaping the cryptocurrency market, as experts are divided on Bitcoin’s future trajectory Provide a timely forum for insight.
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