Bitcoin traded at $111,307 with a 2.05% gain in 24 hours, but analyst Charles Edwards warned that quantum computing advances may pose the greatest risk to the cryptocurrency. Edwards stated at Token 2049 that without a cryptographic upgrade within a year, Bitcoin could face its worst bear market as quantum systems approach the capability to break elliptic curve encryption. The analyst emphasized that the network requires immediate action to address this existential security threat.

Bitcoin is trading near $111,000 ahead of the weekend, when liquidity typically thins and volatility may increase. Data show five critical price levels that could trigger significant moves during low-volume sessions, with the largest long liquidation cluster sitting between $108,000 and $108,500.

Bitcoin's Short-Term Holder Net Unrealized Profit/Loss has moved into negative territory, signaling pressure on recent buyers. The metric last reached similar levels in April of the previous year, ahead of a sustained price rally. Long-term holders continue selling at profit with SOPR at 2.3, while Bitcoin consolidates above the $108,000 demand zone.

Bitcoin recovered to $110,000 this week after opening at $107,000, yet faces challenges maintaining momentum near all-time highs. Analysts at The Bull Theory suggest the traditional four-year cycle is transitioning to a five-year pattern. The next peak may occur around Q2 2026, driven by global liquidity dynamics and institutional accumulation.

Gold declined 6% this week following a 30% rally since August, lifting the BTC/gold ratio by 8%. Bitwise Chief Investment Officer Matt Hougan suggests Bitcoin could replicate gold's 2025 price pattern once long-term holder selling exhausts. The analysis points to potential ETF inflow shifts favoring BTC if gold's pullback continues.

Standard Chartered's head of digital asset research Geoff Kendrick said Bitcoin could temporarily fall below $100,000 due to escalating U.S.–China trade risks. Despite the near-term correction forecast, Kendrick characterized the potential drop as a buying opportunity. The bank maintains long-term targets of $200,000 by year-end and $500,000 by 2028, citing expanding global M2 money supply.

Bitcoin is testing a critical support level at $108,500, where 15% of BTC supply sits at a loss, according to Glassnode data. The cryptocurrency has fallen below the short-term holder cost basis of $113,100, a structure that historically signals mid-term bearish phases. Historical patterns indicate that failure to hold the $108,500 threshold could trigger a deeper correction toward $97,500, where 25% of supply would be underwater.

Bitcoin's Short-Term Holder Spent Output Profit Ratio (STH-SOPR) declined to 0.992, its weakest reading since late April, data show. The metric tracks profitability for holders owning coins under 155 days. A reading below 1.0 indicates these investors are realizing losses, reflecting heightened capitulation among newer market participants.

Synthetix dropped 9.3% over 24 hours, trailing the broader crypto market's 0.94% gain, according to CoinMarketCap. Trading volume declined nearly 30% as technical indicators displayed bearish structure following SNX's break below $1.32. On-chain data showed dormant token movement and profit-taking activity, raising questions about near-term recovery prospects.

Bitcoin traded around $109,000 on October 23, declining more than 3% over the past month as options open interest hit record highs. Spot bitcoin ETFs recorded $101 million in outflows and Ethereum ETFs posted $19 million in outflows on October 22, according to The Block data. Market participants are focusing on Friday's U.S. CPI release for directional cues.