Bitcoin Dips Below $100,000 on Coinbase Amid Market Turbulence

On Tuesday afternoon, during the U.S. trading session, Bitcoin's price fell momentarily beneath the $100,000 threshold on the Coinbase exchange.

This dip coincided with Ethereum's downturn, which saw the altcoin experiencing its most significant daily decline in months, pushing it into negative territory for 2025.

As the U.S. focused on the New York mayoral elections, Bitcoin's price briefly dipped to $99,908, a level not witnessed since June 23, 2025. Fortunately for investors, this downturn was short-lived, with the cryptocurrency quickly rebounding to trade at $100,977 at the time of this report.

Market sentiment appears cautious as bettors on the prediction market Kalshi are wagering on the likelihood of Bitcoin experiencing further declines, with some speculating prices may drop below $80,000.

Following the recent drop, Bitcoin has now fallen over 20% from its high of $126,296, reached earlier in October.

BREAKING: Bitcoin officially enters bear market territory, now down -20% since its record high seen on October 6th.

We are living in the most exciting market in history. pic.twitter.com/EHoyb8xsZK

This decline has also contributed to a reduction of excessive leverage in the market, which may pave the way for increased volatility amid ongoing market uncertainties.

Despite the prevailing bearish sentiment, some Bitcoin investors have begun accumulating during this price drop, indicating a measure of buying interest amid fears of an emerging crypto winter.

In other developments, Elliott Wave analysts have suggested that the bear market could extend into late 2026. If their predictions hold true, Bitcoin may face an extended period of downward pressure.