Highlights:
Bitcoin plummets to its lowest levels since June as US banking issues resurface.
Traders perceive $100,000 as potentially failing to hold as support.
Gold retreats from recent all-time highs, with Peter Schiff claiming it will surpass Bitcoin to reach $1 million.
Bitcoin (BTC) hit a 15-week low on Friday, influenced by renewed pressures from US banking troubles.
Bitcoin faces risk of “dropping to $98,000” next
Data from Cointelegraph Markets Pro and TradingView indicated Bitcoin declined below $106,000 for the first time since June.
The crypto markets responded negatively to fears surrounding regional US banking stocks, echoing the events of March 2023 when Bitcoin and altcoins experienced a flash crash followed by a quick rebound, leading BTC/USD to fall below the $20,000 threshold.
“In March 2023, regional bank stocks crashed, the crisis was ‘contained,’ yet nothing substantial changed,” reported trading resource The Kobeissi Letter in an X post.
In response, some traders cautioned about a retest and possible breakdown of vital BTC support at $100,000.
If $BTC loses this support, we’re headed directly to $98,000.
Wishing everyone luck. pic.twitter.com/sIjbPPAoOM
— Borg (@Borg_Cryptos) October 17, 2025
Others pointed to an attempt to “fill” a daily candle wick from last week, which pushed the price to $102,000 on Binance amid US-China trade tensions.
“$BTC is working on filling the Binance wick. If it doesn’t conclude here, it could fill the entire wick around the weekly 50 MA,” trader SuperBro commented on X.
Previous moving averages (MAs) on daily timeframes failed to maintain their support, leading Bitcoin to touch its 200-day MA for the first time in over six months.
“$BTC has breached the $108,000 support level. Now, there’s minimal to no support until $101,000-$102,000,” crypto investor and entrepreneur Ted Pillows agreed.
“If Bitcoin can regain the $110,000 level from here, we might see a rebound. Otherwise, brace for more challenges before recovery.”
Gold advocate Schiff foresees $1 million before Bitcoin
The banking sector’s difficulties have started impacting gold, the clear frontrunner in the current market, which has reached new all-time highs as the daily close approaches.
Related: $120K or end of bull market? 5 key points to consider in Bitcoin this week
Proponents of gold celebrated its distance from Bitcoin. Notably, Peter Schiff, a prominent Bitcoin critic and chairman of investment advisory firm Europac, even predicted that gold would reach $1 million per ounce before Bitcoin does.
Gold is more likely to reach $1 million than Bitcoin.
— Peter Schiff (@PeterSchiff) October 16, 2025
“This isn’t merely a de-dollarization trade; it’s a de-bitcoinization trade. Bitcoin has not proven itself as a legitimate alternative to the U.S. dollar or digital gold,” he argued in recent exchanges on X.
Others suggested that a “rotation” into BTC may now be more likely.
“In any case, it makes sense to anticipate profits flowing out of Gold soon given the current market dynamics,” crypto trader Jelle stated on X.
An accompanying chart illustrated phases of Bitcoin leading and later “catching up” with gold through the years.
This article does not contain investment advice or recommendations. Every investment and trading decision carries risk, and readers should do their own research before making choices.