Bitcoin Falls Below $85,000 as PlanB Outlines October Route to $100,000

Bitcoin’s latest pullback below $85,000 has not erased the market’s renewed focus on a potential move toward six figures. The cryptocurrency’s recovery above $80,000 has encouraged a more constructive outlook among some analysts, including PlanB, who has outlined a possible path to $100,000 in October and suggested that Bitcoin could establish a new record before Christmas.

The forecast arrives as market data points to a correction that has so far been less severe than previous downturns. Glassnode’s analysis indicates that Bitcoin’s drawdown has remained relatively shallow, while investors have taken profits at a restrained pace. The cryptocurrency has also moved back above its 365-day moving average, a level commonly monitored as a broad indicator of the market’s longer-term trend.

Bitcoin’s move under $85,000 represents a setback for traders looking for an immediate continuation of the recovery. However, the decline has not yet invalidated the broader bullish argument. Bitcoin remains above the $80,000 area highlighted in recent market commentary, and the price’s position relative to its yearly trend line continues to provide support for those expecting further gains.

A 365-day moving average smooths out daily price fluctuations by measuring Bitcoin’s average price over roughly one year. When the market trades above that level, analysts often interpret it as evidence that longer-term momentum remains positive. A move below the average can signal weakening conditions, but a return above it may indicate that buyers are regaining control after a period of uncertainty.

Glassnode’s findings add another layer to the debate. The firm’s data suggests that the latest decline has not produced the kind of aggressive selling typically associated with a deeper market reversal. Profit-taking has remained limited, meaning that a smaller share of holders has been rushing to lock in gains. That behavior can reduce immediate selling pressure, although it does not guarantee that prices will continue higher.

The distinction between a controlled pullback and a broader breakdown is particularly important for Bitcoin. The asset has historically experienced sharp swings even during extended advances, with short-term declines often occurring as traders rebalance positions or take profits. For that reason, a retreat below a closely watched round-number threshold does not by itself determine the direction of the larger trend.

PlanB’s projection places the next major test at $100,000. Reaching that level would require Bitcoin to build on its recovery above $80,000 and overcome resistance created by the recent decline. The forecast also points to a potential new high before the end of the year, with October identified as a possible month for the move toward six figures and Christmas set as the broader timing for a record.

Such projections remain conditional rather than guaranteed. Bitcoin’s path can be influenced by changes in investor risk appetite, market liquidity, regulatory developments and activity across the wider digital-asset sector. A bullish technical structure may attract new buyers, but it can also encourage existing holders to sell into strength, creating resistance as the price approaches previous peaks.

The market’s restrained profit-taking is therefore significant. If holders continue to maintain their positions while demand increases, Bitcoin could have a stronger foundation for another advance. On the other hand, a renewed wave of selling could push the cryptocurrency back toward lower support levels and challenge the argument that the recent recovery marks the beginning of a sustained upward phase.

The $80,000 region has emerged as an important reference point in the current discussion. Bitcoin’s ability to remain above it would help preserve the recovery narrative, while a decisive break beneath it could shift attention toward the depth and duration of the correction. Traders are also likely to monitor whether the cryptocurrency remains above its 365-day average, given the level’s importance in assessing long-term momentum.

PlanB’s outlook reflects the more optimistic side of the market, while Glassnode’s data provides evidence that the current pullback has not yet shown the characteristics of a capitulation event. Together, the two developments have kept the possibility of a return to $100,000 in view despite Bitcoin’s latest decline.

For now, the market remains caught between short-term weakness and longer-term optimism. Bitcoin’s drop below $85,000 has slowed the recovery, but the asset’s position above $80,000, limited profit-taking and return above its annual moving average continue to support the case for further gains. The coming weeks will determine whether that support can develop into the October advance envisioned by PlanB or whether sellers will gain enough momentum to extend the correction.