Bitcoin is once again fighting just above the $100,000 threshold amid heightened market tension and conflicting analyst signals. While some traders see signs of a possible double-bottom formation, others warn of deeper corrections if key support levels fail.
Key Takeaways
- PlanC highlights a potential double-bottom formation near $99,000, signaling possible upside recovery.
- Ali identifies three key on-chain support zones: $98,340, $75,475, and $55,980.
- Peter Schiff warns Bitcoin’s momentum is gone, predicting a “mad rush to bail out” without government support.
Bitcoin Attempts to Stabilize Around $100K
Bitcoin has spent much of the week consolidating around the $100,000 mark, struggling to regain the momentum that carried it to its $126,000 peak in October. Analyst PlanC noted what could be a double-bottom pattern forming on the hourly chart, a technical setup that often precedes short-term rebounds.
The pattern shows Bitcoin defending the $98,900 zone twice, suggesting possible accumulation among dip buyers. PlanC suggested that confirmation would require a clean breakout above $105,000, which could restore bullish momentum.
On-Chain Data Shows Critical Support Levels
CryptoQuant analyst Ali took a data-driven view, identifying three key on-chain support levels using MVRV Extreme Deviation Pricing Bands. According to Ali, Bitcoin’s first strong support lies at $98,340, followed by deeper bands near $75,475 and $55,980, levels that have historically marked cycle bottoms.
Ali’s analysis suggests that Bitcoin’s current correction remains within “healthy” on-chain parameters. However, he noted that breaching the $98,000 zone could trigger broader liquidations, potentially accelerating a move toward mid-cycle support levels.
Peter Schiff Calls the $100K Defense Futile
In contrast, economist and gold advocate Peter Schiff sees no technical setup that can save Bitcoin’s current trend. In a post shared with his 46,000+ followers, Schiff said the “crypto community is circling the wagons” to defend $100K, but warned that “momentum’s gone” and that the “train can’t be stopped.”
The crypto community is circling the wagons to defend $100K Bitcoin. But without a U.S. government bailout, their efforts will fail. The momentum’s gone, the train can’t be stopped, and the troops will soon break ranks in a mad rush to bail out.
— Peter Schiff (@PeterSchiff) November 7, 2025
Schiff argued that without macro-level intervention or liquidity stimulus, Bitcoin’s current support defense is unsustainable, a stance consistent with his long-term skepticism toward the asset’s fundamental resilience.
Market Outlook
Bitcoin remains in a precarious position. With prices hovering just above $100,000, traders are watching for confirmation of a rebound or a breakdown. A sustained recovery above $105,000 could validate PlanC’s bullish structure, while a close below $98,000 would likely affirm Ali’s lower support zones, and perhaps Schiff’s grim forecast.
For now, the battle between technical optimism and macro caution defines Bitcoin’s short-term narrative as it faces one of the most psychologically critical levels of the year.