Bitcoin’s Epic Plunge: Bear Market Incoming? 😱💸

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Ah, Bitcoin – that digital rollercoaster we all pretend to understand, but really, it’s just a bunch of nerds and gamble-obsessed investors playing hot potato with imaginary money. Well, folks, the beast took a nosedive this past weekend, tumbling below $104,000 on Friday the 17th of October, after what felt like an eternity of yo-yoing between $116,000 and $108,000. Like a bad breakup, it just wouldn’t quit. 🚀💥

This freefall shoved the market into “extreme fear” territory for the first time since April, making everyone wonder if the party’s over and we should all sell our imaginary yachts before it’s too late. One bloke even mumbled that deeper losses are brewing – because nothing says fun like watching your portfolio cry. 😂

The Magical Number That Could Doom Us All

In his grand “Big Sunday Report,” crypto guru Dr. Profit – yeah, that’s his name, honest – tweeted to his legion of over 439,000 followers on X (formerly Twitter, for you dinosaurs) that they should’ve bet big on short positions in that juicy 115-125k zone. He warned the market’s now “extremely bearish,” like a grumpy old man who forgot his tea. ☕🐻

He’d been waving red flags since August, practically screaming “sell!” and “short it!” when BTC tiptoed up to 126k – a grand more than his wildest nightmare of 125k – before plummeting on October 10, scraping down to $101,000 on some exchanges. And get this: he blames our collective stupidity, proclaiming, “Markets are driven by greed, and boy, have I seen greed from both sides lately – bulls and bears, all equally idiotic.” Sounds like he’s dictating the human condition, no? 🤦‍♂️

His master plan? Keep an eye on $101,700. If Bitcoin breaks below that mystical line, he says, we’re in full bear market mode, and those pesky bulls can finally shut up forever. “Breaking below $101,700 would snap the bull market’s heart, confirming the bear takeover!” he bellowed. Drama queen alert! 🎭💔

Oh, and let’s not forget the liquidity fairy tales: late-entry shorts, liquidations around $116,500, and short-term holders’ mania made the whole thing as stable as a house of cards. He even pointed to the $112,500 realized price for newcomers who’ve already tanked, ready to bolt if prices dip 5-10% more. Pro tip: don’t be that guy. 🃏

Mood Swings, Big Events, and the Whole Messed-Up Structure

The weekend’s antics were a symphony of caution, with Bitcoin hovering around $110,700 at press time – up 3.5% in a day but down the same over a week. Fourteen days? Nearly 11% poof! Thirty days? A mere 4.1% loss. Weep if you must. 😭📉

Dr. Profit’s doomscrolling comes as everyone’s feeling bummed. On October 17, the Fear & Greed Index hit rock bottom since April, and nearly $900 billion vanished like socks in a dryer. Some say the medium-term uptrend lives if supports hold, but others whisper ETF antics and leveraged lunacy could spark wild swings. In crypto land, predictability is so last century! 🌪️🤡

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2025-10-21 03:12