Key highlights:
Bitcoin has hit its lowest points since June as US banking issues resurface.
Traders are concerned that the $100,000 level may no longer hold as support.
Gold has retreated from recent all-time highs, with Peter Schiff predicting it will reach $1 million before Bitcoin does.
Bitcoin (BTC) dropped to 15-week lows on Friday as renewed banking concerns in the US affected its price.
Bitcoin might “plunge straight to $98,000” next
Data from Cointelegraph Markets Pro and TradingView indicated Bitcoin falling below $106,000 for the first time since June.
The crypto market reacted negatively to fears about US regional bank stocks, reminiscent of the situation in March 2023. Back then, Bitcoin and altcoins experienced a sudden drop followed by a strong recovery, with BTC/USD falling below the $20,000 level.
“In March 2023, regional bank stocks plummeted; the crisis was ‘contained,’ but the underlying issues persisted,” noted trading resource The Kobeissi Letter in an X post.
In response, some traders cautioned about a potential retest and failure of crucial BTC support at $100,000.
If $BTC loses this support, we are heading straight to $98,000.
Good Luck everyone. pic.twitter.com/sIjbPPAoOM
— Borg (@Borg_Cryptos) October 17, 2025
Others noted an effort to “fill” a daily candle wick from last week, which saw prices reach $102,000 on Binance amid US-China trade tensions.
“$BTC is working on the Binance wick. If it doesn’t stop here, it could fill the entire wick near the weekly 50 MA,” trader SuperBro wrote on X.
Previous moving averages (MAs) on daily timeframes did not provide support, causing Bitcoin to touch its 200-day MA for the first time in over six months.
“$BTC has breached the $108,000 support level. There’s minimal support until $101,000-$102,000,” crypto investor and entrepreneur Ted Pillows noted.
“If Bitcoin can reclaim the $110,000 level from here, a bounce back may occur. Otherwise, anticipate further declines before any relief.”
Gold enthusiast Schiff predicts $1 million for gold before Bitcoin
The ongoing banking troubles also impacted gold, which continued to shine in the current market, reaching new all-time highs by the close of trading.
Related: $120K or end of bull market? 5 important things to know about Bitcoin this week
Gold supporters took note of its deviation from Bitcoin. Peter Schiff, a noted Bitcoin skeptic and chairman of investment advisory firm Europac, forecasted that gold would reach $1 million per ounce before Bitcoin.
Gold is more likely to reach $1 million than Bitcoin.
— Peter Schiff (@PeterSchiff) October 16, 2025
“This isn’t merely a de-dollarization movement but a de-bitcoinization shift. Bitcoin has not proven to be a viable alternative to the U.S. dollar or digital gold,” he argued during recent exchanges on X.
Some suggested a potential “rotation” into Bitcoin is now more feasible.
“Either way, profit-taking from Gold seems imminent given current market dynamics,” crypto trader Jelle commented on X.
A corresponding chart illustrated the phases where Bitcoin has outperformed and “caught up” with gold over the years.
This article does not provide investment advice or recommendations. All investments and trading carry risks, and readers should conduct their own research before making any decisions.
