Bitcoin is facing intense selling pressure as September draws to a close, with the flagship cryptocurrency shedding 7% from its monthly peak and flirting with a second straight losing month.
BTC extended its recent slump on Friday, briefly dipping below $109,000, a level last seen in early September, signaling a potential second consecutive losing month. The crypto asset currently trades at $109,574 price as at the time of writing this report.
This price decline has triggered a wave of fear across the market, sending sentiment to its lowest level since April. Also, this has resulted in a clash between fear-driven selling and quiet institutional accumulation and has set the stage for a decisive moment in Bitcoin’s ongoing journey.
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According to data from Cointelegraph Markets Pro and TradingView, Bitcoin’s price action showed vulnerability as order-book liquidity remained dense on both sides of the spot price. This created a tug-of-war effect, with upside and downside “magnets” influencing momentum.
On Binance, buy orders were concentrated around $108,200, while short liquidations were positioned near $110,000, per CoinGlass data.
Sentiment Crashes as Fear Dominates Market
The latest decline in BTC price has had a swift and profound impact on market sentiment. The Crypto Fear & Greed Index fell to 28/100 on Friday, its lowest reading since April 11, plunging 16 points in just one day. This shift indicates that “fear” now dominates the market mood.
Crypto analyst Michael Pizzino highlighted an emerging divergence between price and sentiment, noting that previous similar readings preceded significant Bitcoin rebounds. Historical data shows that the last time the index fell below 30/100, BTC was trading around $83,000, shortly after bouncing back from $75,000 lows.
Retail Bearishness vs. Institutional Accumulation
While retail traders have grown increasingly bearish, research platform Santiment reported that large-volume traders have been quietly adding to their Bitcoin positions during the recent downturn. Santiment’s data also revealed a “high amount of impatience and bearishness emerging from the retail crowd,” a phenomenon that has historically signaled the potential for upward price movement.
Meanwhile, traders have become more risk-averse, with some eyeing potential declines toward $100,000 as their next price target.
“Bitcoin is hovering just above its support level,” noted crypto investor Ted Pillows, reflecting the cautious sentiment across the market.
While retail traders grow increasingly bearish and brace for further declines, some analysts remain optimistic. They argue that the current downturn is a temporary pause in a larger bullish cycle, with one final surge potentially pushing Bitcoin to new all-time highs before a true bear phase begins.
Popular crypto chartist Egrag Crypto remains optimistic. He argues that Bitcoin is still firmly within a bull market, describing the current pullback as part of a repeating pattern that has been in play since December 2022.
According to Egrag, Bitcoin follows a predictable cycle which includes; a surge upward, Retest support, Bounce back, Slight correction, and the Formation of a new local high. The most critical level to watch now, he says, is $103,000. As long as Bitcoin stays above this threshold, the broader bullish structure remains intact.
Egrag projects that the current cycle still has one final surge left, potentially driving BTC prices to $150,000 – $175,000 before a true bear phase begins. “Despite loud voices calling the bull run over, the cycle is still alive,” Egrag emphasized, describing the ongoing dip as a pause before a major upward breakout.
Notably, several other well-known crypto enthusiasts continue to predict a much longer-term, exponential rise for Bitcoin.
Cathie Wood of ARK Invest believes BTC could hit $1.5 million by 2030 in her firm’s “bull case” scenario. Michael Saylor, co-founder of MicroStrategy, has repeatedly said Bitcoin will reach $1 million once Wall Street institutions hold 10% of their reserves in BTC.
Robert Kiyosaki, author of Rich Dad Poor Dad, shares similar sentiments, also projecting a $1 million price target by 2030, framing Bitcoin as a hedge against inflation. Experts note that for Bitcoin to reach $1 million, 20%–40% of the world’s population would need to adopt the cryptocurrency. This level of adoption requires significant progress in infrastructure, regulatory clarity, and education.
As of 2025, roughly 900,000 Bitcoin addresses hold at least 1 BTC, while only about 4% of the global population owns any Bitcoin. A large portion of BTC supply remains concentrated among a small group of wealthy investors and institutions.
Outlook
While Bitcoin currently struggles with a sharp pullback and weakened sentiment, analysts remain divided on its near-term direction. If BTC manages to hold above $103,000, Egrag’s bullish scenario could play out with a final parabolic run toward new highs. However, failure to maintain this level could push prices lower, reinforcing fears of a deeper correction.
For now, Bitcoin stands at a critical juncture, balancing between retail pessimism and institutional accumulation, with the next few weeks likely to determine whether the leading cryptocurrency