Bitcoin Crash To $87,600 Looms If This Support Snaps, Warns Veteran Analyst

Bitcoin is sitting on a technical ledge that could decide whether price makes a new all-time high or unwinds sharply into the $80,000s, according to veteran trader Josh Olszewicz (CarpeNoctom). “BTC complex iHS brewing in the megaphone,” he posted on October 30, 2025, adding in a follow-up: “Also this brewing, not great.” The Bullish Case For Bitcoin Olszewicz is tracking two ￰0￱ first, on the 6-hour timeframe, shows BTC trading inside a broadening “megaphone” pattern that has contained price since ￰1￱ megaphone is defined by rising dotted resistance lines above and falling dotted support lines ￰2￱ upper boundary extends through roughly $126,000 to $128,000.

The lower boundary widens down toward $105,400 and $103,800. Within that range, Bitcoin put in a sharp spike above $126,000 in early October, then sold off violently, dropping below $106,000s with a wick toward roughly $102,000. That bounce failed to recover the prior range. Instead, price stalled under a horizontal resistance shelf around $116,000–$117,000.

Olszewicz sketches a yellow projected path that implies a short-term bounce from just under $111,000 back towards $116,000. That path suggests attempted relief, not confirmed bullish ￰3￱ Reading: Bitcoin Cost Basis Map Reveals Key War Zone Between Bulls & Bears Only if Bitcoin can reclaim the $116,000–$117,000 zone does a move toward the upper resistance band come back into ￰4￱ that scenario, price could extend toward $128,000, print a new all-time high, and potentially restart a broader recovery ￰5￱ Bearish Case For Bitcoin The second chart is where the downside risk ￰6￱ the 1-day timeframe, Olszewicz maps a head-and-shoulders top with a rising ￰7￱ left shoulder topped in the $118,000 area, the head reached roughly $126,200, and the right shoulder again failed near $116,000.

The neckline is drawn as an ascending dotted support line that now sits in the $105,000–$106,000 ￰8￱ highlights $107,316.81 as the key breakdown ￰9￱ that neckline breaks decisively, the chart applies a standard measured ￰10￱ distance from the head down to the neckline is projected ￰11￱ plots that extension into a teal target zone and marks intermediate and full objectives at $93,963.81 (the 1.618 extension) and $87,652.27 (the 2.0 extension). In other words, a clean daily breakdown through $107,316 opens a path first toward the mid-$90,000s and then toward roughly $87,600. Related Reading: November Preview: Will Bitcoin Break The Cycle Or Repeat It?

Above spot, resistance remains ￰12￱ 0.5 retracement of the prior impulse is labeled at $115,486, and the 1.0 retracement — effectively the previous swing high — is marked at $124,477. Structurally, Bitcoin is now boxed between supply in the $116,000 region and that neckline supports around $105,000–$106,000. Olszewicz’s message is that bulls may still be trying to form a “complex inverse head-and-shoulders in the megaphone,” but the active daily head-and-shoulders top is “not great.” A decisive loss of the neckline could confirm the bearish structure and put $93,963.81 and $87,652.27 on the ￰13￱ press time, BTC traded at $110,096. Featured image created with DALL.

E, chart from ￰14￱