Bitcoin is sitting on a technical ledge that could decide whether price makes a new all-time high or unwinds sharply into the $80,000s, according to veteran trader Josh Olszewicz (CarpeNoctom). \u201cBTC complex iHS brewing in the megaphone,\u201d he posted on October 30, 2025, adding in a follow-up: \u201cAlso this brewing, not great.\u201d<\/p>\n
Olszewicz is tracking<\/a> two structures. The first, on the 6-hour timeframe, shows BTC trading inside a broadening \u201cmegaphone\u201d pattern that has contained price since July. The megaphone<\/a> is defined by rising dotted resistance lines above and falling dotted support lines below. The upper boundary extends through roughly $126,000 to $128,000. The lower boundary widens down toward $105,400 and $103,800.<\/p>\n Within that range, Bitcoin put in a sharp spike above $126,000 in early October, then sold off violently, dropping below $106,000s with a wick toward roughly $102,000. That bounce failed to recover the prior range. Instead, price stalled under a horizontal resistance shelf around $116,000\u2013$117,000. Olszewicz sketches a yellow projected path that implies a short-term bounce from just under $111,000 back towards $116,000. That path suggests attempted relief, not confirmed bullish continuation.<\/p>\n Only if Bitcoin can reclaim the $116,000\u2013$117,000 zone does a move toward the upper resistance band come back into play. In that scenario, price could extend toward $128,000, print a new all-time high, and potentially restart a broader recovery phase<\/a>.<\/p>\n The second chart is where the downside risk accelerates. On the 1-day timeframe, Olszewicz maps a head-and-shoulders top with a rising neckline. The left shoulder topped in the $118,000 area, the head reached roughly $126,200, and the right shoulder again failed near $116,000. The neckline is drawn as an ascending dotted support line that now sits in the $105,000\u2013$106,000 zone. He highlights $107,316.81 as the key breakdown level.<\/p>\n If that neckline breaks decisively, the chart applies a standard measured move. The distance from the head down to the neckline is projected lower. Olszewicz plots that extension into a teal target zone and marks intermediate and full objectives at $93,963.81 (the 1.618 extension) and $87,652.27 (the 2.0 extension). In other words, a clean daily breakdown through $107,316 opens a path first toward the mid-$90,000s and then toward roughly $87,600.<\/p>\n Above spot, resistance remains layered. The 0.5 retracement of the prior impulse is labeled at $115,486, and the 1.0 retracement \u2014 effectively the previous swing high \u2014 is marked at $124,477.<\/p>\n Structurally, Bitcoin is now boxed between supply in the $116,000 region and that neckline supports around $105,000\u2013$106,000. Olszewicz\u2019s message is that bulls may still be trying to form a \u201ccomplex inverse head-and-shoulders in the megaphone,\u201d but the active daily head-and-shoulders top is \u201cnot great.\u201d A decisive loss of the neckline could confirm the bearish structure<\/a> and put $93,963.81 and $87,652.27 on the table.<\/p>\n At press time, BTC traded at $110,096.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin is sitting on a technical ledge that could decide whether price makes a new all-time high or unwinds sharply into the $80,000s, according to veteran trader Josh Olszewicz (CarpeNoctom). \u201cBTC complex iHS brewing in the megaphone,\u201d he posted on October 30, 2025, adding in a follow-up: \u201cAlso this brewing, not great.\u201d The Bullish Case […]<\/p>\n","protected":false},"author":0,"featured_media":109048,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-109047","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/109047"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=109047"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/109047\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/109048"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=109047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=109047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=109047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The Bearish Case For Bitcoin<\/h2>\n