Key Takeaways
- Bitcoin briefly fell below $84,000 as crypto markets recorded approximately $487 million in long liquidations over 24 hours.
- The sell-off followed the Oct. 5 bottom date implied by a viral anonymous cycle forecast.
- The separate $250,000 target would require Bitcoin to rally approximately 197% from its current price.
Bitcoin briefly dropped below $84,000 early on Oct. 7 as leveraged bullish bets unraveled, putting renewed pressure on a viral “prophecy” linked to a $250,000 price target.
But the prediction has a bigger problem than this week’s selling, as Bitcoin’s reported July low remains substantially below prices around the forecast’s October deadline.
Bitcoin Sell-Off Hits Bullish Traders
Bitcoin traded as low as approximately $83,800 during the overnight decline.
CoinGlass data showed $555.6 million in crypto liquidations over 24 hours, including $487.2 million in long positions.
When a leveraged trader’s collateral becomes insufficient, an exchange can forcibly close the position, potentially adding selling pressure during a decline.
The liquidation wave puts the forecast back under scrutiny as bullish traders face another sharp reversal after its projected bottom date.
The ‘Prophecy’ Pointed to Oct. 5
The “prophecy” label comes from an anonymous forecast’s apparent success in predicting Bitcoin’s record-high date almost two years in advance.
A circulating screenshot dated Dec. 12, 2023, shows a 4chan poster projecting that Bitcoin would peak on Oct. 6, 2025.
Bitcoin reached its record above $126,000 on that date, giving the screenshot its reputation among crypto traders.
The forecast used a repeating pattern: 1,064 days from a major market low to the next peak, followed by 364 days to the next bottom. Extending that calculation beyond the October 2025 peak pointed to Oct. 5, 2026, as the next cycle low.
A separate post reportedly published in December 2025 and attributed to the same author added the $250,000 Bitcoin target for 2026, as CCN previously reported.
The celebrated date prediction helped draw attention to that later price call. However, the original posts and their claimed shared authorship remain independently unverified.
However, Bitcoin’s reported July low of around $57,000 remains well below its October trading levels.
If that trough holds, the cycle’s lowest price arrived months before the anonymous model suggested, weakening the timing forecast’s celebrated track record.
Other Bitcoin Bottom Calls Face Their Own Test
The anonymous forecast is part of a broader debate over whether Bitcoin’s historical cycles can identify the end of its latest downturn.
As CCN reported in July, veteran trader Peter Brandt previously selected Oct. 4 as a potential bottom date, alongside a downside scenario in the high-$40,000 range.
The same report examined NYDIG’s historical scenario placing Bitcoin near $38,000–$39,000 in early October.
NYDIG stressed that the calculation illustrated what a downturn resembling earlier bear markets could produce, rather than representing its central forecast.
Other market observers were more optimistic.
Meanwhile, in July, Matt Hougan also saw signs of a crypto bottom, while Grayscale identified September or October as a possible bottoming window.
In CCN’s Oct. 2 report, Brandt acknowledged that the low may have arrived earlier, while warning that another correction toward $65,000–$66,000 remained possible.
What Bitcoin Would Need to Reach $250,000
Bitcoin traded at around $84,053 at the time of reporting, according to CoinGecko.
From that price, reaching $250,000 would require a gain of approximately 197%, taking Bitcoin to almost three times its current value.
The first major milestone would be reclaiming $100,000, followed by the previous record of nearly $126,000.
Even after recovering that peak, Bitcoin would still need to almost double again.
At roughly 20 million circulating coins, a $250,000 price would imply a market capitalization of approximately $5 trillion.
For the target to become more credible, evidence would need to extend beyond a calendar pattern.
Reaching that valuation would require sustained buying demand to absorb selling pressure, potentially supported by institutional purchases and ETF inflows.
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
