Bitcoin (BTC) has seen a remarkable surge over the past 14 days, approaching the $70,000 level earlier this week. However, some market watchers have shared their concerns over the recent pullbacks, suggesting that the cryptocurrency could face another correction ahead of the US presidential election.

Bitcoin will soon face another shock

This “modern” Bitcoin has surged 12% from its opening price, jumping from the $60,000 support level and reclaiming key resistance zones. Over the past two weeks, BTC has gained 14% following the early October shakeouts, approaching a retest of the long-awaited $70,000 level.

The cryptocurrency faced major resistance after breaching the $69,000 zone, a level not seen since delayed July. Following the failed retest, Bitcoin’s price fell 5.3% towards the $65,000-$66,000 range and failed to regain the $67,000 level by Thursday.

Based on BTC’s recent performance, some analysts believe the flagship cryptocurrency may face another correction in the coming weeks. Altcoin Sherpa cryptocurrency analyst revealed he’s not sure where Bitcoin’s “exceptionally challenging conditions” are headed in the miniature term.

Sherpa shared that the cryptocurrency could experience its final shake-up “sometime in November.” He suggested that BTC could face another decline towards the $62,000-64,000 price range around the time of the US presidential election scheduled for November 5.

However, the analyst believes that Bitcoin will continue its upward trend after the shock. Another market observer also predicted another correction in BTC’s near future.

Crypto King analyst he stated that BTC is expected to close above $70,000 this week before facing rejection from a key level. Following a rejection, Bitcoin would retreat 8% towards $64,000-$65,000, which could push altcoins to “start moving 5-6 times its current position,” the analyst says.

Is BTC Set to Green Weekly Close?

Despite the rainy forecast, other investors remain sanguine about the flagship cryptocurrency. Crypto analyst Mustache described the $67,000-$68,000 range as an “extremely important support level.” To the analyst, whether the BTC price holds support, it will soon reach $70,000.

After Bitcoin broke above the $68,000 resistance on Friday morning, Crypto Yapper excellent that BTC had broken out of its weekly bull flag and was “ready for an exponential move.” The analyst also stated that the next horizontal level to be broken before the $70,000 test will be $69,000.

Nevertheless, he stated that Bitcoin should make a higher high to remain bullish. Similarly, Rekt Capital has indicated that the elderly BTC downtrend line is support, which serves as confirmation after a breakout.

According to the post, cryptocurrency does record bullish weekly close above $66,300. The analyst also highlighted that if BTC closes above the $67,900 zone, it will register a “very bullish weekly close” before the last week of October.

At the time of writing, BTC is trading at $67,737, representing a subtle escalate of 0.3% on the daily time frame.

Featured image from Unsplash.com, chart from TradingView.com