21Shares crypto research strategist Matt Mena stated that for investors who have held Bitcoin since the last bull market, $100,000 is a psychologically significant sell-off point.

Matt Mena believes that if the price of Bitcoin continues to fall, it could drop to $80,000. He noted that options traders focused on cryptocurrencies also support this view, with a large number of options contracts expiring in December betting on Bitcoin falling to $80,000. Mena still expects Bitcoin to rebound before the end of the year, and the holiday season may drive Bitcoin up to the range of $110,000 to $120,000.