After worst ‘Uptober’ Bitcoin now likely to crash to $87,000, warns expert

Bitcoin’s ( BTC ) bullish ‘Uptober’ reputation was shattered this year after the cryptocurrency ended October with a nearly 4% loss, marking its worst October performance since 2014. Now, according to cryptocurrency analyst and TradingView contributor TradingShot, the weak monthly close may signal the start of a deeper correction, potentially sending Bitcoin toward the $87,000 region in the weeks ￰0￱ price analysis chart.), resistance on a descending highs trendline, and stalling at the 0.5 Fibonacci retracement, closely resembles that earlier setup. Notably, since mid-August, Bitcoin has made a series of lower highs, with the latest rejection occurring at the same key moving average that capped price rallies during the previous fractal cycle.

A symmetrical breakdown similar to early 2025 could see Bitcoin slide another 32%, aligning with the 2.0 Fibonacci extension and converging near the weekly 100-day moving ￰1￱ technical confluence places a target around $87,000, a level the analyst said may act as a critical demand zone if the market follows the same pattern. Indeed, this warning comes as Bitcoin extended its losses into November , failing to reclaim the $110,000 ￰2￱ asset has been weighed by concerns over a possible Federal Reserve rate cut in December, which now seems uncertain, leaving investors ￰3￱ the same time, the market has failed to respond to recent positive news regarding the trade negotiations between the United States and ￰4￱ price analysis As of press time, Bitcoin was trading at $107,632, down nearly 3% in the past 24 hours and 6.6% on the weekly ￰5￱ seven-day price chart.) of $114,139 now acts as overhead resistance, while the 200-day SMA ($105,876) provides immediate support just $1,800 below ￰6￱ sits in the classic “bullish continuation” pocket, above the long-term average yet below the medium-term one, suggesting buyers remain in control as long as the 200-day holds.

Meanwhile, the 14-day Relative Strength Index ( RSI ) at 47.79 is neutral, neither overbought nor ￰7￱ quiet momentum reading gives the current rally room to accelerate without immediate mean-reversion ￰8￱ image via Shutterstock