Bitcoin extended its latest selloff on Oct. 9, sliding as low as $80,300 according to CoinMarketCap, after failing to hold last week’s push above $87,000. The decline is part of a broader crypto drawdown that erased roughly $200 billion in value over 48 hours, leaving traders split over whether BTC will rebound toward $90,000 or fall deeper toward the $70,000 zone.
Doctor Profit, a prominent analyst, said he covered short positions opened between $86,000 and $87,000 after bitcoin touched the $80,300 low, treating the move as completion of a correction he had forecast toward $79,000. He previously mapped bitcoin from the $60,000 range to $70,000, then up to $88,000, before calling for the pullback. The analyst now expects to add to long trades.
Some market participants see further downside risk. One view outlined a lower target between $72,000 and $76,000 while the $80,000–$82,000 area is being tested. Others attributed the selloff to possible geopolitical escalation involving Iran, AI cryptography warnings, U.S. government bitcoin transfers, and hawkish FOMC minutes hinting at one more rate hike in 2026.
QCP Capital views the weakness as an opportunity. The Singapore-based trading firm says $80,000–$82,000 is the zone where it would look to buy bitcoin during Q4. Its base case keeps BTC between $80,000 and $90,000, and it would consider reducing exposure around $88,000–$90,000 if institutional flows fail to improve.
The firm’s bullish scenario requires sustained spot ETF inflows, expanding stablecoin supply, lower real yields, a softer dollar and progress on U.S. crypto legislation. Under those conditions, it says BTC could break above $100,000. However, institutional demand has reversed. U.S. spot Bitcoin ETFs posted roughly $485 million in net outflows on Oct. 7, with BlackRock, Fidelity and ARK among the largest contributors, erasing the previous session’s inflows and removing key marginal demand.
Elevated Treasury yields, expensive oil and a strong dollar are adding macro pressure on speculative assets. QCP describes the market as a stalemate between structural crypto demand and a difficult macro environment.
