10/18 update below. This post was originally published on October 17
Bitcoin has suddenly dropped toward $100,000, accelerating a sell-off that hit the bitcoin price last week and sparked fears of a wider crypto crash.
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The bitcoin price has plunged under $105,000 per bitcoin for the first time since June, with traders fearful a huge bitcoin price crash could be just around the corner as the combined crypto market loses $600 billion in just over a week.
Now, as Tesla billionaire Elon Musk breaks his silence on bitcoin, traders are scrambling to predict just how low the bitcoin price could go after it hit an all-time high of around $126,000 earlier this month.
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Bitcoin has dived as a sudden bitcoin price and crypto sell-off wipes $600 billion from the combined crypto market.
AFP via Getty Images
“Some analysts are wringing their hands, thinking bitcoin could drop into the $90,000s or $80,000s,” Lark Davis, the author of the Wealth Mastery newsletter, wrote in an emailed note.
10/18 update: The bitcoin price rout has led to a serious bull market warning, with traders fearful the bitcoin “flash crash” has sapped confidence in a recovery.
“Now that we have broken down below $108,000, I am ready to make the call as to whether we are … looking for a move up to $145,000, or … we have seen the highs in this market,” John Glover, the chief investment officer of Ledn, said in emailed comments. “Here’s my call: The bull run in bitcoin is over.”
Glover, whose bitcoin price prediction could see bitcoin “retest” its all-time high of just over $124,000, has warned the bitcoin crash will drag bitcoin and crypto markets lower through 2026.
“I firmly believe that we have finished the five wave move higher, and we will now commence a bear market that will last into late 2026 at a minimum,” Glover said. “My expectation is that the bear market will see us trading down to $70,000 to $80,000, and potentially lower. The bear market target will become clearer as we watch the price action unfold in the coming months.”
Meanwhile, other bitcoin price and crypto market analysts have warned “panic selling” could cause extreme volatility in coming weeks.
“The way markets are reacting now is a mix of panic selling, stops triggering, and selective inbound bids as buyers try to pick bottoms,” David Siemer, the chief executive of Wave Digital Assets, said in via email. “We’re probably not seeing a full systemic crash but we are entering an environment where a break below major support levels (e.g. for bitcoin around $100,000) could lead to another leg down.”
However, Siemer is hopeful the bitcoin price and crypto market can stage a rebound before 2026, with a coming Federal Reserve pivot to a more dovish stance opening up the flow of cash into bitcoin and crypto.
“I remain cautiously optimistic for recovery in the fourth quarter,” Siemer said.
“If we get relief on trade policy, more regulatory clarity, and signs the Fed may pivot, those catalysts could help stabilize the market and restore confidence. I expect a choppy rebound initially, with bitcoin and ethereum leading, and then momentum may expand into strong alts. But any sustained recovery will require cleaned out leverage, fresh capital inflows, and macro tailwinds lining up.”
The sudden bitcoin price sell-off follows a bitcoin price “flash crash” last week, triggered by fears U.S. president Donald Trump is about to reignite the U.S. trade war with China.
“The crypto market resumed its decline on Friday, falling 5% in 24 hours to $3.57 trillion,” Alex Kuptsikevich, chief market analyst at FxPro, said in emailed comments.
“This time, it looks more like a painful reflex after the events of a week ago. But this is an even more dangerous dynamic because we are not seeing a slip in a thin market, but rather a massive sell-off in search of a new bottom. We will closely monitor market dynamics at the 200-day moving average of $3.5 trillion, where there could be a sharp rebound at the end of June or a further decline in March.”
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The bitcoin price has fallen sharply, parking fears of a bitcoin price crash.
Forbes Digital Assets
The bitcoin price has dropped as gold has surged to fresh all-time highs, damaging bitcoin’s reputation as “digital gold.”
“Bitcoin is now down 32% priced in gold since its August high,” Peter Schiff, an investor and gold bull who’s known for his opposition to bitcoin, posted to X. “This bitcoin bear market will be brutal. HODLers, sell your fool’s gold now and buy the real thing, or have fun going broke.”
The bitcoin price has rocketed over the last year, climbing as U.S. president Donald Trump embraces bitcoin and crypto, Wall Street sees huge demand for its record-breaking bitcoin exchange-traded funds (ETFs) and the so-called “debasement trade” hits the U.S. dollar and other currencies.