- Bitcoin fell below $105,000 and moved toward $100,000 after a sharp sell-off.
- The combined crypto market lost about $600 billion in little more than a week.
- Some analysts warn the bull run may be over and predict a multi-year bear market that could push bitcoin toward $70,000–$80,000.
- Other analysts point to panic selling, stop-loss triggers and technical support levels that could cause further volatility but say a rebound is possible if macro conditions improve.
- Gold hit fresh all-time highs, and Peter Schiff posted on X that bitcoin is down versus gold and urged investors to buy gold; his post is available on X.
Bitcoin plunged toward $100,000 on October 17–18, wiping tens of thousands off the price and prompting fears of a broader crypto market crash. Traders cited rapid selling and technical breaks as the immediate cause.
The combined crypto market lost about $600 billion in a little over a week, and bitcoin fell from an all-time high near $126,000 earlier this month to under $105,000. The move followed a flash crash last week tied to concerns U.S. president Donald Trump might restart trade tensions with China.
Lark Davis said some analysts expect bitcoin could “drop into the $90,000s or $80,000s.” John Glover, chief investment officer of Ledn, wrote that after breaking below $108,000 he is “ready to make the call” that “the bull run in bitcoin is over.” Glover continued that he expects a bear market “that will last into late 2026 at a minimum” with targets of “$70,000 to $80,000, and potentially lower.”
David Siemer, chief executive of Wave Digital Assets, said the market shows “panic selling, stops triggering, and selective inbound bids as buyers try to pick bottoms.” He added that a break below major support levels, such as bitcoin around $100,000, “could lead to another leg down.” Siemer also said he remains “cautiously optimistic for recovery in the fourth quarter” if factors like a Federal Reserve policy pivot, clearer regulation, and relief on trade arise.
Alex Kuptsikevich, chief market analyst at FxPro, reported the crypto market fell 5% in 24 hours to about $3.57 trillion and noted the 200-day moving average near $3.5 trillion as a zone that may prompt either a sharp rebound or further decline. A 200-day moving average is the average market value over the past 200 days and traders use it as a long-term trend indicator.
Gold rose to fresh all-time highs during the same period. Peter Schiff posted on X that “Bitcoin is now down 32% priced in gold since its August high,” and urged investors to buy gold; his post appears here.
The sell-off followed a prior bitcoin “flash crash,” a sudden and severe price drop. The recent rally in bitcoin this year has been driven in part by increased demand for bitcoin exchange-traded funds (ETFs), which are securities that let investors buy shares tracking an asset like bitcoin without owning the asset directly. For readers interested in regular market summaries, the original article referenced the CryptoCodex newsletter.
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