Bitcoin Tumbles to $70,000 Is a Further Correction Immanent?

Bitcoin experienced a notable decline today, dropping over 3% as it struggles to maintain the $70,000 level. As of 4:40 PM Eastern Time, the cryptocurrency was trading at $70,099. However, this psychological price point's significance may be overstated when considering Bitcoin's broader trajectory and market sentiment.

Should Bitcoin fail to hold current levels, the next support zone lies around $68,000. More crucial is the descending trendline that has capped price action for the past five months, currently situated near $66,000. Maintaining this critical support level could pave the way for new all-time highs.

 When Can We Expect a New All-Time High?

Despite Bitcoin's recent failure to set a new record, traders shouldn't lose confidence – fresh highs could materialize in the very near term, possibly as early as next week. The primary catalyst driving Bitcoin's recent price action has been the approaching U.S. presidential election, scheduled for Tuesday, November 5th.

The election outcome remains uncertain, with polling data showing significant disparities based on their sources. Republican-backed polls consistently show Trump in the lead, while Democratic-sponsored surveys favor Harris. The national average currently places Harris marginally ahead at 48% versus Trump's 46.7%, though the race remains too close to call.

The five days leading up to the election are likely to bring heightened market volatility. A Trump victory could trigger a new all-time high as soon as Wednesday, while a Harris win might extend the timeline. Regardless of the outcome, Bitcoin's historical four-year cycles suggest new highs are probable within the coming months.

For the immediate term, Bitcoin represents a high-risk proposition. Traders would be wise to avoid leveraged positions given the current uncertainty. Barring the ability to predict the future, the most realistic window for a new record high falls between November 5th and year-end.