Bitcoin Drops To $108K As Peter Schiff Fuels Gold Vs. BTC Conflict

The Bitcoin value slid 2% up 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 prone to hit $1 million than BTC.

Gold is extra prone 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 steered 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 certain bitcoin fluctuated negatively towards 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 via a brand new “Bitcoin for Sign” marketing campaign, which goals to combine Bitcoin with the Cashu protocol to allow funds inside the app.

“@Signalapp ought to use Bitcoin,” Dorsey posted to X on Thursday, retweeting a submit 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 really 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.

Publicizes 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 following 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 prime sample.

The Bitcoin value at present trades round $108,300, testing a major help zone that aligns with earlier consolidation ranges.

Based on the 4-hour timeframe, the 50-day Easy Transferring Common (SMA) has crossed beneath the 200-day SMA, forming a “loss of life cross,” which usually alerts sustained bearish momentum.

For the reason that crossover, BTC has been buying and selling beneath each SMAs, confirming that the short-term and mid-term developments are tilted downward.

Makes an attempt to retest the 0.5 Fibonacci degree at $116,900 have been rejected, which means that sellers are nonetheless in management.

The chart additionally reveals a well-defined vary of resistance between $114,900 and $116,000, highlighted by the inexperienced rectangle zone. This space beforehand acted as help however has now changed into resistance, reinforcing the bearish bias.

Beneath the worth of Bitcoin, the principle demand zone lies round $108,000–$107,500, which has acted as a response degree up to now. If this zone fails to carry, the following key help may emerge close to the $105,000 psychological degree, probably resulting in a deeper retracement part.

BTC Value Prediction: A Restoration Forward?

Trying on the indicators, the Relative Energy Index (RSI) is at present at 32.77, inserting it within the oversold area. This implies that the present bearish momentum may be nearing exhaustion, and a short-term bounce may happen.

The BTC value has fallen beneath the 0.786 degree ($111,500) and is at present testing the 1.0 retracement zone round $108,200, indicating that your entire prior upswing has been retraced.

A profitable protection of this degree may pave the best way for a brief 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 worth of Bitcoin encounters some bearish strain, the $105,000 degree may act as a cushion towards downward strain.

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