Analysts: Bitcoin May Face Sharp Correction Amid US Midterm Elections; Watch Key $73,000 Support Level

On October 24 that cryptocurrency analyst Ali Martinez stated on X that as the US midterm elections are scheduled for November 3, Bitcoin may face a new round of market volatility.

Ali pointed out that across the past four US midterm election cycles, Bitcoin has experienced significant pullbacks, with declines reaching 72%, 65%, 52%, and 27% in 2010, 2014, 2018, and 2022, respectively. Additionally, except for 2010, the fourth quarter of the other three midterm election years all recorded negative returns.

Ali believes that $73,000 is a key level to watch currently, which is close to the average cost basis of short-term Bitcoin holders. If BTC drops back to this region, it is necessary to observe whether selling pressure weakens and whether buying interest can form support. He also emphasized that historical correlation does not mean the election directly causes prices to fall, and market trends remain influenced by factors such as liquidity and the macroeconomic environment.