Bitcoin (BTC)'s bullish “upover” reputation was shattered this year when the cryptocurrency ended October down nearly 4%, marking its worst October performance since 2014.
Well, according to cryptocurrency analysts, TradingView Contributor trading shot, A weak monthly close could signal the beginning of a deeper correction, potentially sending Bitcoin towards $87,000 territory in the coming weeks.
The analyst pointed to a fractal pattern that reflects Bitcoin's price trend from December 2024 to February 2025. During this period, BTC rejected the downtrend line, lost its high and low support structures, and ended up dropping around 32% from its all-time high.
The recent move, characterized by a rejection at the 1-day 50-day moving average (MA), resistance at the falling high trendline, and a stall at the 0.5 Fibonacci retracement, closely resembles previous setups.
Notably, since mid-August, Bitcoin has made a series of new lows, with the latest rejection occurring at the same major moving average that limited price gains during previous fractal cycles.
A symmetrical breakdown similar to early 2025 could see Bitcoin fall another 32%, matching the 2.0 Fibonacci extension and converging near the weekly 100-day moving average.
This technical confluence puts the target near $87,000, and analysts said this level could act as a key demand zone if the market follows the same pattern.
In fact, this warning came as Bitcoin failed to recover the $110,000 resistance level and extended its losses into November. Concerns over the possibility of the Federal Reserve cutting interest rates in December have weighed on assets, with the rate cut now seen as uncertain, spooking investors.
At the same time, the market has failed to react to recent positive news on US-China trade negotiations.
Bitcoin price analysis
At the time of writing, Bitcoin was trading at $107,632, down nearly 3% in the past 24 hours and down 6.6% for the week.
At the current price, Bitcoin's 50-day simple moving average (SMA) of $114,139 acts as an overhead resistance level, while the 200-day SMA ($105,876) provides immediate support just $1,800 below the spot.
Prices are in a classic “bullish continuation” pocket, above the long-term average but below the medium-term average, suggesting that buyers are in control as long as the 200-day period continues.
Meanwhile, the 14-day Relative Strength Index (RSI) is neutral at 47.79, meaning neither overbought nor oversold. This quiet momentum reading gives the current bull market room to accelerate without any immediate mean reversal risk.
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