Bitcoin’s Plunge: A Comedy of Errors or the End of the Bull’s Jolly Ride? 🎢💰

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Well, I say, old bean, it appears that Bitcoin is having another one of its little tumbles, what? 🪂 Almost down to the depths of last Friday’s colossal kerfuffle. The question on every chap’s lips is: is this the beginning of the end for the bull market, or might there be one last hurrah before the whole show goes pear-shaped? 🍐

Bitcoin Takes Another Header

As one can observe in the jolly little chart above, the $BTC price is taking a bit of a nosedive once more. Now, it’s not the sort of wild, careening descent we witnessed a week ago, when the poor thing lost thousands of dollars faster than a chap can say “I say!” But it’s a steady, inexorable plunge, filling in the rather large candle wick left by last Friday’s dip. Should it slip below that point, we’re looking at another lower low. And with the U.S. stock market looking as overpriced as a Mayfair club membership, the writing may well be on the wall for Bitcoin. 📉

There’s a bit of support at the current price level, mind you, and another horizontal support line down at $106,000. If those give way, the round figure of $100,000 would be the next port of call, with $98,000 lurking just below like a particularly persistent creditor. 💸

Bitcoin’s Dip Reaches the Middle of the Muddle

The daily chart, old sport, reveals a descending channel with a whopping great fakeout to the upside that led to the new all-time high. From there, all jolly well went to pot, and one can see the price reentered the channel, faked out again, and has now been drawn back to the mid-line. This could act as support, especially as it coincides with rather sturdy horizontal support at $106,000, not to mention a double bottom into the bargain. 🛡️

The 200-day SMA has been punctured again, but if this dip is halted by the confluence of support and chart pattern, a potential bounce might take the price back above the 200-day SMA. This would be no small potatoes, given that this moving average is considered the bull market’s lifeline. 🐂

A Spot of Bother for the $BTC Price

The weekly chart for the $BTC price highlights the rather critical state our dear cryptocurrency king finds itself in. The ascending trendline has been broken to the downside by quite a margin. Admittedly, the week isn’t over yet, so there’s still a chance some news from the US might save the day. Failing that, the price looks as weak as a cup of tea without biscuits, and further downside could take $BTC down to just below $100,000. This would likely coincide with the bottom of the channel, so a last-ditch bounce might occur from there. 🍵

The trouble is, even if the bulls manage to stage some sort of recovery and push the price back up, there’s the possibility it’ll be rejected from the multi-year ascending trendline once more. Just making a slightly higher high won’t do the trick. The trendline will have to be broken to avoid a slow roll into the bear market. 🐻

On a brighter note, the US needs to print an enormous amount of fiat currency to roll over its debt, which would likely give Bitcoin a bit of a boost. And even if we’re already in the bear market, $70,000 is a decent bet for the bottom, which isn’t too far off. 🤑

At the time of going to press, the $BTC price is still falling. Now under $105,000, the bottom of the channel and $100,000 are possibly the next stops. One can only hope it doesn’t end in tears-or, worse, a sell-off. 😢

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2025-10-17 12:07