Is the Crypto Market Heading for Another October Bloodbath?

Crypto traders lost more than $1 billion to forced liquidations in 24 hours as Bitcoin dropped to $80,393 on Thursday. About $930 million came from bets that prices would rise, CoinGlass data shows.

The sell-off lands two days before the anniversary of October 10, 2025, when a crash wiped out about $19 billion in trades. Bitcoin peaked near $126,200 that week and has not returned since.

How Likely Is Another Market Crash?

A liquidation happens when an exchange force-closes a trade funded with borrowed money after losses eat the trader’s deposit. Each forced sale can trigger the next.

Thursday’s wave was the largest long-side wipeout in 90 days on CoinGlass. More than $600 million was liquidated in a single hour, the biggest hourly total in a month.

Still, the total is about one-nineteenth of last year’s figure. So far, the data does not match fears of a 10-10 crash repeat.

The pressure came largely from outside crypto. Fed minutes released October 7 showed most officials saw another rate hike as likely appropriate by year-end.

The 10-year Treasury yield sat near 5.3%, and Brent crude traded near $105. Meanwhile, US spot Bitcoin ETFs (exchange-traded funds) posted $487 million in outflows, the most since late June, according to SoSoValue.

Ethereum fell harder, down 4.1% to $2,460.

Analysts Split on Whether Bitcoin Holds $80,000

On Thursday morning, BeInCrypto flagged $81,000 as the next level to watch, citing Glassnode data on the largest buy orders at Binance. Bitcoin broke through it within hours, before reclaiming above.

NOW: Bitcoin falls below $81,000. pic.twitter.com/Qei5mzKmNs

— CoinGecko (@coingecko) October 8, 2026

Glassnode places the next cluster of leveraged bets near $75,000.

Meanwhile, analyst Rekt Capital pointed to Sunday’s weekly close, the week’s final price, as decisive.

“Bitcoin is currently failing its retest of ~$82500. Weekly Close below $82500 and turn it into resistance however and Bitcoin will be back in its Macro Accumulation Range,” the analyst stated.

Elsewhere, trader Ted Pillows said losing $81,500 to $82,000 could send Bitcoin to $75,000. Analyst Michaël van de Poppe took the opposite view.

I've said this before, but this is the area where you'd want to become interested into buying #Bitcoin. Quite an organic correction on the markets and therefore retesting the previous zone of consolidation. pic.twitter.com/eD5EH8AJbk

— Michaël van de Poppe (@CryptoMichNL) October 8, 2026

However, according to analysts at Glassnode, existing holders, not fresh money, carried the latest rally. New inflows from ETFs, stablecoins, and corporate treasuries have been shrinking.

Saturday’s 10/10 anniversary also lands with US diesel near $6.41 a gallon, about 73% above a year earlier, per AAA. BeInCrypto flagged that new oil market threat on Wednesday.

The next macro test follows on October 14, when US September inflation data is due. Until then, the Bitcoin price sits between a $75,000 downside target and an $82,500 line bulls need back.