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The Bitcoin price slid 2% in the past 24 hours to trade at $108,388 as of 1:20 a.m. EST on trading volume that plunged 26% to $83.3 billion.

BTC permabear Peter Schiff seized on the downward momentum, and a new all-time high for gold that took its market capitalization past $30 trillion, to double down on his prediction that gold is more likely to hit $1 million than BTC.

Gold is more likely to hit $1 million than Bitcoin.
— Peter Schiff (@PeterSchiff) October 16, 2025

Schiff’s latest salvo, aligning with gold’s 60% year-to-date surge, drew a sarcastic response from Binance co-founder Changpeng Zhao (CZ), who suggested he’s right ”about 1% of the time.”

Peter revenge. 👏
We should have listened to him, two months ago, out of the 16 years in bitcoin’s existence. About 1% of the time.
I am sure bitcoin fluctuated negatively against gold more than that, except BTC went from $0.004 to $110,000 USD in 16 years. https://t.co/c7IiygbOer
— CZ 🔶 BNB (@cz_binance) October 16, 2025

This also comes as several Bitcoiners, including Jack Dorsey, continue to push for privacy-focused messaging app Signal to adopt Bitcoin through a new “Bitcoin for Signal” campaign, which aims to integrate Bitcoin with the Cashu protocol to enable payments within the app.

“@Signalapp should use Bitcoin,” Dorsey posted to X on Thursday, retweeting a post from pseudonymous Bitcoin developer Cashu, who is behind the Bitcoin for Signal campaign.

.@signalapp should use bitcoin. https://t.co/GLbteedwDk
— jack (@jack) October 16, 2025

“Bitcoin belongs in Signal. Cashu eCash enables truly private Bitcoin payments inside the world’s most trusted encryption messenger,” the Bitcoin for Signal website says.

In other developments, Newsmax, a publicly listed US media company, is building a digital asset reserve centered around BTC and Donald Trump’s meme coin, TRUMP.

Newsmax $NMAX authorizes $5M purchase of Bitcoin $BTC and Trump Coin $TRUMP over next 12 Months.
Announces new strategic business plan. pic.twitter.com/O1kGpe3AuY
— Emperador Maximiliano 🍀 (@EmpMaximiliano) October 16, 2025

In an announcement on Thursday, the company’s board of directors has approved the plan, which will involve purchasing up to $5 million worth of both assets over the next year.

Bitcoin Price Faces Pressure After Sharp Reversal

The BTC price has entered a downtrend after a steep correction from its October high near $125,700, which formed a rounded top pattern.

The Bitcoin price currently trades around $108,300, testing a significant support zone that aligns with previous consolidation levels.

According to the 4-hour timeframe, the 50-day Simple Moving Average (SMA) has crossed below the 200-day SMA, forming a “death cross,” which typically signals sustained bearish momentum.

Since the crossover, BTC has been trading below both SMAs, confirming that the short-term and mid-term trends are tilted downward.

Attempts to retest the 0.5 Fibonacci level at $116,900 have been rejected, which suggests that sellers are still in control.

The chart also shows a well-defined range of resistance between $114,900 and $116,000, highlighted by the green rectangle zone. This area previously acted as support but has now turned into resistance, reinforcing the bearish bias.

Below the price of Bitcoin, the main demand zone lies around $108,000–$107,500, which has acted as a reaction level in the past. If this zone fails to hold, the next key support could emerge near the $105,000 psychological level, potentially leading to a deeper retracement phase.

Bitcoin/USD Chart Analysis Source: GeckoTerminal — BTC/USD Chart Analysis Source: GeckoTerminal

BTC Price Prediction: A Recovery Ahead?

Looking at the indicators, the Relative Strength Index (RSI) is currently at 32.77, placing it in the oversold region. This suggests that the current bearish momentum might be nearing exhaustion, and a short-term bounce could occur.

The BTC price has fallen below the 0.786 level ($111,500) and is currently testing the 1.0 retracement zone around $108,200, indicating that the entire prior upswing has been retraced.

A successful defense of this level could pave the way for a temporary rebound toward $112,000–$114,000.

This comes as Fundstrat CIO Tom Lee supports the bullish stance, with a belief that BTC could soar to $250,000 in the next 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 price of Bitcoin encounters some bearish pressure, the $105,000 level could act as a cushion against downward pressure.