Bitcoin Falls Below $110K! Bitwise and Coinbase Remain Firmly Bullish on the Outlook

TradingKey – Bitcoin dips below $110,000 again. Will the downtrend continue?

On Friday, October 17, the crypto market broadly weakened. Bitcoin (BTC) plunged over 2%, breaking below the $110,000 mark and currently trading at $108,769. The asset is now dangerously close to the $100,000 psychological threshold, and further downside remains possible.

Bitcoin Price Chart – Source: TradingView.

At present, market sentiment leans bearish. On the Polymarket prediction platform, traders estimate:

• A 34% chance that Bitcoin will fall below $100,000 by the end of October
• Less than 10% chance of a breakout above $130,000

Despite the correction, Bitwise Asset Management maintains a constructive stance. Research Director André Dragosch, Senior Researcher Max Shannon, and Analyst Ayush Tripathi commented:

“Recent adjustments are driven by external factors. Historically, such extreme sentiment often signals a strong entry point before recovery.”

Crypto exchange Coinbase also expressed optimism in a post yesterday:

“We expect strong liquidity, favorable macro conditions, and encouraging regulatory developments to continue supporting Bitcoin. Especially with macroeconomic tailwinds, BTC may outperform market expectations.”