This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Introduction
Bitcoin is facing a significant price downturn driven by major whale sell-offs and concerning technical patterns. The cryptocurrency’s first red October in seven years signals potential further declines ahead. Analysts warn that key support levels must hold to prevent a deeper correction that could push BTC below $100,000 for the first time in four months.
Key Points
- Bitcoin closed October in the red for the first time in seven years, historically leading to weak November performance
- A break below the current higher low trendline could trigger a 32% price decline to approximately $87,000
- Major BTC whales are contributing to selling pressure through significant offloading of early holdings
Whale Sell-Offs and Technical Breakdowns Fuel Decline
The current Bitcoin price crash is being driven by major sell-offs from large whales as they offload massive early BTC holdings, creating substantial downward pressure on the cryptocurrency market. This selling pressure comes at a critical technical juncture, with chart formations suggesting the Bitcoin price crash may only be in its beginning stages. The situation has been exacerbated by Bitcoin closing the month of October in the red for the first time in seven years, setting a precedent for a likely bearish close to the year.
The current downtrend began after Bitcoin hit a new all-time high in August, with rejection at the $126,000 level creating a cascade of bearish pressure that has plagued the market. This rejection has caused major losses across altcoins as well, demonstrating the broader market impact of Bitcoin’s technical breakdown. The combination of whale selling and technical weakness has created a perfect storm for Bitcoin bulls hoping for a quick recovery.
Critical Trendline Holds Key to Bitcoin's Fate
Crypto analyst TradingShot highlights the current trend as being similar to what was seen back in January-February 2025, where a fractal formed after the Bitcoin price broke below its higher lows trendline. Presently, the Bitcoin price chart is following a higher low trendline formed after the infamous October 10 flash crash, and this trendline needs to hold for any meaningful recovery to take place. The analyst explains that a rejection from this level would inevitably lead to a double-digit crash.
If the crash sticks to the same fractal pattern seen in January-February, TradingShot predicts that a 32% decline could be in the works. This would put Bitcoin on the 2.0 Fibonacci Extension level, and such a crash could mean a decline to as low as $87,000 before support is established again. The technical setup suggests that Bitcoin is at a critical inflection point where the next move could determine the medium-term direction of the cryptocurrency.
Historical Patterns Signal Further Weakness Ahead
Historical performance strongly supports the theory that a double-digit crash could be in the works for Bitcoin. The cryptocurrency’s first red October close in seven years carries significant bearish implications based on historical patterns. Whenever Bitcoin has closed October in the red, the subsequent month of November has always ended weakly as well, creating a concerning precedent for current market conditions.
The last time Bitcoin saw a red October close was back in 2018, and what followed was a dramatic 36.4% crash in November. Given this historical pattern, combined with the ongoing major sell-offs from BTC whales, it appears increasingly likely that Bitcoin will follow this trend. A double-digit crash in the current environment would mean that the Bitcoin price will crash below $100,000 for the first time in four months, representing a significant psychological and technical breakdown for the world’s largest cryptocurrency.
📎 Read the original article on newsbtc.com