Bitcoin Price Dances with $100,000 as Crypto Industry Waits to See What’s Next

Bitcoin Magazine

Bitcoin Price Dances with $100,000 as Crypto Industry Waits to See What’s Next

Bitcoin price slipped below $100,000 this week for the first time since June, down more than 20% from its all-time highs above $120,000 last month. 

The decline comes after weeks of steady spot-market selling, profit-taking by long-term holders, and a cautious macro environment. ETF outflows, a stronger dollar, and broader risk-off sentiment have added to pressure. 

Bitcoin traded back above $102,000 today, showing some resilience, but volatility remains elevated, according to Bitcoin Magazine Pro.

Analysts point to ongoing accumulation by new buyers, though long-time holders are reactivating coins at a notable pace. 

Vetle Lunde of K33 Research noted that over 319,000 Bitcoin held for six to twelve months have moved in recent weeks, much of it real selling. 

Markus Thielen of 10x Research said mega whales — entities holding between 1,000 and 10,000 BTC — have been offloading significant amounts, while mid-size holders have largely stopped buying. 

He estimates that roughly 400,000 Bitcoin, about $45 billion, has exited the market in the last month.

Rebel money to institutional asset

Bitcoin’s rise over the past decade and a half has been punctuated and marked by identity shifts. In the early years, enthusiasts felt part of a secret movement to build better money for a better world. 

Critics were loud but often misinformed, and debates over privacy, environmental impact, and financial sovereignty energized the community. The vibes were high, and the project felt meaningful beyond mere price.

Now, according to Troy Cross, With the entry of Wall Street and ETFs, Bitcoin’s brand evolved. It became a hedge, a retirement asset, a component in treasury strategies. Its revolutionary appeal — as a tool to bank the unbanked and resist centralized control — is still technically intact, but the narrative has shifted. 

The focus moved from being a rebellion against fiat to being a corporate- and finance-friendly instrument. 

Michael Saylor and other institutional adopters have accelerated this trend. Bitcoin now shares the limelight with gold and equities, often framed in risk-adjusted portfolios rather than as a movement for financial empowerment.

Despite this, the core of Bitcoin remains unchanged. It is still global, permissionless, and censorship-resistant. Anyone can participate. Transactions remain verifiable and final. 

Bitcoin price action over the past month

Price action highlights this duality, as seen over the past month. On October 10, U.S. President Trump’s threat to impose a 100% tariff on Chinese imports triggered widespread panic, sparking the largest single-day liquidation in cryptocurrency history — over $19 billion in leveraged positions were wiped out within 24 hours.

Some traders anticipate a retest of $92,000, tied to CME futures gaps, while others see support around $98,000–$100,000. Other analysts expect a push to $170,000. 

History suggests that these pauses are not the end of Bitcoin’s story. Each cycle has included phases of distribution, consolidation, and renewed growth. What is changing is not the network itself but the surrounding culture — the shift from a secret movement to an accepted, institutional asset.

This post Bitcoin Price Dances with $100,000 as Crypto Industry Waits to See What’s Next first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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