Bitcoin prices fell back under pressure below the $80,000 level over the weekend of October 24-25, 2026. The downturn has sparked an open debate regarding the market’s next direction.
Binance founder Changpeng Zhao (CZ) shared his perspective on X as Bitcoin prices slumped. CZ emphasized that whenever people declared Bitcoin dead in the past, those exact moments proved to be the best time to buy.
However, CZ’s conviction stands in direct contrast to Peter Schiff’s grim outlook.
Peter Schiff’s $75,000 Prediction
Peter Schiff predicts Bitcoin will tumble to the $75,000 level. The financial commentator warned that current conditions would make for a very long weekend for Bitcoin holders. Schiff is known as a vocal critic who frequently forecasts crypto price declines. While his predictions often fail to materialize, his remarks consistently trigger intense discussions across the community.
In the derivatives market, long liquidations reached $838 million as Bitcoin briefly touched $79,700. Of those total losses, $200 million in long positions were wiped out in the span of just one hour.
At the individual trader level, Machi (@machibigbrother) was liquidated five times within an hour. The cascade of forced closures drained his account balance to around $5,000.
Oil Pressure and Whale Liquidation Risks
This weekend’s crypto market weakness has been influenced by geopolitical and macroeconomic headwinds. Pressure mounted following reports of US personnel evacuations alongside a strengthening Japanese yen. At the same time, data from prediction platform Polymarket showed the odds of WTI crude oil topping $105 per barrel in October jumped to 74%, up 26 percentage points in a week. Rising oil projections have added to risk-off sentiment in global markets.
The selling pressure is also threatening major asset holders on the Ethereum network. On-chain data from lookonchain revealed that a whale holding a 93,184 ETH long position worth $214 million is edging close to danger levels. The position faces liquidation if Ethereum drops into the $2,226 to $2,256 range.
Navigating Weekend Volatility
Bitcoin is currently trading between $80,000 and $84,000 with the high volatility typical of weekends. While the historical pattern highlighted by CZ shows prices recovering after panic subsides, the threat of cascading liquidations has not completely vanished from the market.
For leveraged traders, the distance to Schiff’s $75,000 target is only a few thousand dollars away. Reducing risk and capping exposure remain the most sensible course of action while price swings remain unsettled.
Via @WatcherGuru on X.
Read also: What Is Bitcoin Halving?
Previously: Bitcoin Touches $79,700 Following US Personnel Evacuation Reports - Long Liquidations Reach $838 Million
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
