Analyst: Bitcoin Drop Near $101,700 Could Confirm a New Bear Market

Bitcoin (BTC) took a big bearish shift this past weekend, with its price dipping below $104,000 on Friday October 17th, after days of zigzagging between $116,000 and $108,000. This drop put the market in “extreme fear” for the first time since April, leading many observers to speculate on how long the bull cycle will last, with one warning that more losses are coming. A Critical Line in the Sand In his “Big Sunday Report,” crypto trader ￰0￱ told his over 439,000 followers on X that they should have used the 115–125k zone to build short positions, warning that the market is now “extremely bearish.” He wrote that he had been “flagging” that area “to add shorts and sell” since the end of August, noting that BTC reached “126k, 1k more than my max top scenario of 125k” before dropping on October 10, when it went as low as $101,000 on some trading ￰1￱ analyst singled out market psychology as central, writing plainly that: “Markets are driven by greed, currently I have rarely seen so much greed in the market as now, and I am speaking about both the bear and bullish side.” His setup hinges on a specific technical threshold: a decisive break below $101,700.

“By breaking below $101,700 Bitcoin will break below its magic bull market line which would finally confirm a bear market and silence those bulls once for all!” wrote Dr. Profit.