Bitcoin Dips Below $100K, Could Slide to $70K
Bitcoin dipped below $100,000, marking a 20% decline from its $126,000 peak after a major October liquidation event wiped out leveraged positions. Bitcoin breached support at $117,000 and $112,000 and failed to recover, signaling eroded market confidence. Markus Thielen of 10X Research warns of an “air pocket” under $93,000 and a potential slide to $70,000 amid ongoing deleveraging.
ETF inflows have slowed as long-term holders sold over 1 million BTC since June and US dollar strength tightens liquidity. Analysts cite possible catalysts—a Fed rate cut, resolution of the US government shutdown, or renewed institutional demand—while JPMorgan still forecasts a longer-term rally toward $170,000. However, persistent whale selling and lack of near-term bullish triggers suggest continued bearish pressure.
Traders should monitor key support levels and liquidity flows closely to navigate this bear market phase.
Bearish
A major liquidation event wiped out leveraged positions and drove Bitcoin below key support levels, undermining market confidence. Continued deleveraging, strong US dollar, slowed ETF inflows and persistent whale selling intensify short-term bearish pressure. In the absence of near-term bullish catalysts, further declines are probable before stabilization. However, a Fed rate cut, resolution of the US government shutdown or renewed institutional demand could serve as long-term catalysts for a recovery.