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The Bitcoin worth slid 2% up to now 24 hours to commerce at $108,388 as of 1:20 a.m. EST on buying and selling quantity that plunged 26% to $83.3 billion.
BTC permabear Peter Schiff seized on the downward momentum, and a brand new all-time excessive for gold that took its market capitalization previous $30 trillion, to double down on his prediction that gold is extra more likely to hit $1 million than BTC.
Gold is extra more likely to hit $1 million than Bitcoin.
— Peter Schiff (@PeterSchiff) October 16, 2025
Schiff’s newest salvo, aligning with gold’s 60% year-to-date surge, drew a sarcastic response from Binance co-founder Changpeng Zhao (CZ), who urged he’s proper ”about 1% of the time.”
Peter revenge. 👏
We must always have listened to him, two months in the past, out of the 16 years in bitcoin’s existence. About 1% of the time.
I’m certain bitcoin fluctuated negatively in opposition to gold greater than that, besides BTC went from $0.004 to $110,000 USD in 16 years. https://t.co/c7IiygbOer
— CZ 🔶 BNB (@cz_binance) October 16, 2025
This additionally comes as a number of Bitcoiners, together with Jack Dorsey, proceed to push for privacy-focused messaging app Sign to undertake Bitcoin via a brand new “Bitcoin for Sign” marketing campaign, which goals to combine Bitcoin with the Cashu protocol to allow funds inside the app.
“@Signalapp ought to use Bitcoin,” Dorsey posted to X on Thursday, retweeting a publish from pseudonymous Bitcoin developer Cashu, who’s behind the Bitcoin for Sign marketing campaign.
.@signalapp ought to use bitcoin. https://t.co/GLbteedwDk
— jack (@jack) October 16, 2025
“Bitcoin belongs in Sign. Cashu eCash allows really personal Bitcoin funds contained in the world’s most trusted encryption messenger,” the Bitcoin for Sign web site says.
In different developments, Newsmax, a publicly listed US media firm, is constructing a digital asset reserve centered round BTC and Donald Trump’s meme coin, TRUMP.
Newsmax $NMAX authorizes $5M buy of Bitcoin $BTC and Trump Coin $TRUMP over subsequent 12 Months.
Pronounces new strategic marketing strategy. pic.twitter.com/O1kGpe3AuY
— Emperor Maximilian 🍀 (@EmpMaximiliano) October 16, 2025
In an announcement on Thursday, the corporate’s board of administrators has authorized the plan, which is able to contain buying as much as $5 million value of each belongings over the subsequent yr.
Bitcoin Value Faces Stress After Sharp Reversal
The BTC worth has entered a downtrend after a steep correction from its October excessive close to $125,700, which shaped a rounded prime sample.
The Bitcoin worth presently trades round $108,300, testing a big assist zone that aligns with earlier consolidation ranges.
In keeping with the 4-hour timeframe, the 50-day Easy Shifting Common (SMA) has crossed under the 200-day SMA, forming a “demise cross,” which usually alerts sustained bearish momentum.
For the reason that crossover, BTC has been buying and selling under each SMAs, confirming that the short-term and mid-term developments are tilted downward.
Makes an attempt to retest the 0.5 Fibonacci degree at $116,900 have been rejected, which means that sellers are nonetheless in management.
The chart additionally reveals a well-defined vary of resistance between $114,900 and $116,000, highlighted by the inexperienced rectangle zone. This space beforehand acted as assist however has now became resistance, reinforcing the bearish bias.
Under the worth of Bitcoin, the principle demand zone lies round $108,000–$107,500, which has acted as a response degree up to now. If this zone fails to carry, the subsequent key assist might emerge close to the $105,000 psychological degree, probably resulting in a deeper retracement part.
BTC Value Prediction: A Restoration Forward?
Trying on the indicators, the Relative Energy Index (RSI) is presently at 32.77, putting it within the oversold area. This implies that the present bearish momentum could be nearing exhaustion, and a short-term bounce might happen.
The BTC worth has fallen under the 0.786 degree ($111,500) and is presently testing the 1.0 retracement zone round $108,200, indicating that the whole prior upswing has been retraced.
A profitable protection of this degree might pave the way in which for a brief rebound towards $112,000–$114,000.
This comes as Fundstrat CIO Tom Lee helps the bullish stance, with a perception that BTC might soar to $250,000 within the subsequent 75 days.
TOM LEE JUST SAID #BITCOIN IS GOING TO $250,000 IN THE NEXT 75 DAYS
IT’S COMING 🚀 pic.twitter.com/UdYHoRQ71O
— Vivek Sen (@Vivek4real_) October 16, 2025
Conversely, if the worth of Bitcoin encounters some bearish stress, the $105,000 degree might act as a cushion in opposition to downward stress.
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