Bitcoin (BTC) experienced a sharp decline on Monday, dropping to $111,000. However, it has since rebounded slightly to reach $113,000 today.
The market remains uncertain as neither bulls nor bears have managed to set a definitive trend. As October approaches—a historically bullish month—investors are questioning whether another downturn is on the horizon.
Currently, many in the market anticipate that BTC will experience another dip before any substantial recovery takes place.
Ted Pillows, a crypto analyst sharing insights from his X account, suggests that Bitcoin may face one final wave of decline before an upward movement occurs. This prediction comes ahead of the significant expiration of options valued at $17.5 billion.
Pillows forecasts that this potential drop could see Bitcoin reaching as low as $107,000.
“Typically in September we see Bitcoin hitting its lowest point.”
“In just two days’ time, there will be an expiration of options worth $17,500,000,000 with maximum pain expected at around $107,000.”
“Historically during such large expirations, BTC tends to gravitate towards maximum pain levels.”
“I still believe there’s going to be a significant drop before we witness any reversal.”
Meanwhile, BitBull—a well-known investor—observes that Bitcoin is mirroring patterns seen in early 2024 and suggests prices might fall further towards approximately $103,000.
“Bitcoin’s current behavior resembles what occurred during Q1 of 2024.” The long-term trajectory remains upward but some corrections are possible.” At this stage I wouldn’t be surprised if Bitcoin tests between $103&#comma;000-$&49;&#&59;&#;&50&;&52&;,&С
$</block
*This content does not constitute investment advice.</block