Price Analysis

Will Bitcoin Price Crash Again As Active Addresses Are 25% Lower Than ATH?

Explore if Bitcoin price will crash again as it nears all-time high due to lack of active addresses. Will US elections trigger this crash?
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Will Bitcoin Price Crash Again As Active Addresses Are 25% Lower Than ATH?

Highlights

  • Bitcoin price may crash due to US presidential election volatility and reduced investor interest.
  • Active addresses and Polymarket betting odds indicate bearish sentiment.
  • BTC must hold above $68,958 support level to avoid a steep correction; otherwise, potential targets are $63,099 and $59,364.

Bitcoin (BTC) price hit $73,681 on Bybit exchange on October 29 but failed to retest the all-time high (ATH) of $73,949. Although BTC was $267 away from its peak, there are no signs that investors have comeback yet. Hence, a potential crash could be brewing for Bitcoin.

In this CoinGape article, we will explore two signs that point to this bearish downturn for Bitcoin price.

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Will Bitcoin Price Crash Again?

Yes, there are high chances of a crash for Bitcoin price. The upcoming US presidential election results on November 5 could induce volatility in the financial market not just in the US but across the world. Bitcoin and crypto markets could suffer a short-term setback as well.

Here are two reasons why BTC price might crash.

Bitcoin Active Addresses Shows Lack of Investor Interest.

Active addresses on Bitcoin blockchain is currently hovering around 734K, which is 25% lower compared to 986K as seen on ATH in March 2024. A reduced investor interest shows that there is less capital flowing into BTC and the recent rally could be driven by fumes.

BTC Active Addresses

The reason for the lack of participation can be attributed to the US presidential elections that is set to air the results on November 5. This clear signal indicates that many investors are hesitant and are waiting for the conclusion of US presidential elections are over.

Investors Not Bullish On BTC Due to US Presidential Election

According to Polymarket, an online betting plaform, there is an 8% chance that Bitcoin price hits $80,000 before the US presidential elections. This information outlines how pessimistic investors are ahead of this key political event.

BTC Polymarket US Elections

With this outlook in mind Bitcoin price predictions should be tempered and not bullish.

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Bitcoin Price Analysis: Key BTC Levels

According to the daily chart, the seven-month consolidation has created a value area that extends from $68,958 to $59,364. As of October 31, BTC has crashed nearly 4%. If this outlook continues, then the next key supprot level is $68,958, which is the value area high.

If Bitcoin is bullish, it should not slip below this critical support level. In case there is a breakdown of this foothold, investors should consider themselves warned of a steep correction. The next key area of interest would be $63,099. This is the highest volume traded level in the past seven months. In case of a strong sell-off, Bitcoin price could revisit the vaule area low at $59,364.

A breakdown of $68,958 could lead to an 8% to 13% crash in Bitcoin price.

BTC/USDT 1-day chart

On the other hand, if Bitcoin price bounces off the $68,958 support level and stays above it until after the US elections are over, it signals strength. Such a development could send Bitcoin price to all-time high in November.

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Frequently Asked Questions

Will Bitcoin price crash again?

Yes, due to potential volatility from the US presidential election results and lack of investor interest.

What indicates lack of investor interest in Bitcoin?

Active addresses on the Bitcoin blockchain are 25% lower than the March 2024 ATH.

What's the key support level for Bitcoin price?

$68,958; a breakdown of this barrier could lead to an 8-13% crash
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Akash Girimath

Senior Cryptocurrency Analyst & Market Strategist Engineer-turned-analyst Akash Girimath delivers data-driven insights on cryptocurrency markets, DeFi, and blockchain technology for platforms like AMBCrypto and FXStreet. Specializing in technical analysis, on-chain analytics, and risk management, he empowers institutional investors and retail traders to navigate market volatility and regulatory shifts. A hands-on strategist, Akash merges active crypto portfolio management with research on Web3, NFTs, and tokenomics. At AMBCrypto, he led cross-functional teams to redesign content frameworks, achieving record-breaking traffic growth through scalable editorial strategies. His analyses dissect market sentiment, investment strategies, and price predictions, blending macroeconomic trends with real-world trading expertise. Known for mentoring analysts and optimizing workflows for high-impact reporting, Akash’s work is cited across global crypto publications, reaching 500k+ monthly readers. Follow his insights on YouTube, X, and LinkedIn for cutting-edge perspectives on decentralized ecosystems and crypto innovation.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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