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The Bitcoin value slid 2% prior 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 advised 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 positive 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 by way of a brand new “Bitcoin for Sign” marketing campaign, which goals to combine Bitcoin with the Cashu protocol to allow funds throughout 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 permits actually non-public 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.
Broadcasts new strategic marketing strategy. pic.twitter.com/O1kGpe3AuY
— Emperador Maximiliano 🍀 (@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 property over the subsequent yr.
Bitcoin Value Faces Strain After Sharp Reversal
The BTC value has entered a downtrend after a steep correction from its October excessive close to $125,700, which fashioned a rounded high sample.
The Bitcoin value presently trades round $108,300, testing a big assist zone that aligns with earlier consolidation ranges.
In accordance with the 4-hour timeframe, the 50-day Easy Transferring Common (SMA) has crossed under the 200-day SMA, forming a “dying cross,” which generally indicators sustained bearish momentum.
Because the 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 stage at $116,900 have been rejected, which means that sellers are nonetheless in management.
The chart additionally exhibits 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 changed into resistance, reinforcing the bearish bias.
Under the value of Bitcoin, the primary demand zone lies round $108,000–$107,500, which has acted as a response stage prior to now. If this zone fails to carry, the subsequent key assist may emerge close to the $105,000 psychological stage, doubtlessly resulting in a deeper retracement section.
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 means that the present bearish momentum is perhaps nearing exhaustion, and a short-term bounce may happen.
The BTC value has fallen under the 0.786 stage ($111,500) and is presently testing the 1.0 retracement zone round $108,200, indicating that all the prior upswing has been retraced.
A profitable protection of this stage may pave the way in which for a short lived rebound towards $112,000–$114,000.
This comes as Fundstrat CIO Tom Lee helps the bullish stance, with a perception that BTC may 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 value of Bitcoin encounters some bearish strain, the $105,000 stage may act as a cushion in opposition to downward strain.
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