Bitcoin (BTC) price traded near $109,000 on Oct. 23, recovering slightly after slipping nearly 6% from its Oct. 21 high near $114,000 even as traders positioned ahead of key macro events. The drop followed renewed risk-off sentiment across spot exchanges, with volumes tilting toward sell orders.
At the same time, growing debate over quantum computing’s potential impact on Bitcoin’s long-term security added a new layer of uncertainty. Google’s recent progress in quantum processing reignited concerns about future cryptographic vulnerabilities, though experts said the threat remained years away.
Interestingly, a post claiming that a trader with a 100% win rate opened a $226 million short against Bitcoin before Donald Trump’s expected announcement garnered significant attention.
Wimar.X’s post alleged that the timing amplified the possibility of insider activity. Market participants also looked to the upcoming U.S. CPI data for direction, as inflation trends and political statements were likely to influence Bitcoin price’s short-term trajectory amid rising volatility.
Analysts Warn of Structural Weakness as Whales Intensify Selling
The speculative short position that drew attention earlier seemed to coincide with a broader shift in sentiment among major traders. Veteran trader Peter Brandt’s latest chart added weight to those concerns, comparing Bitcoin’s structure to the 1977 soybean pattern that collapsed 50% in value.
Brandt’s analysis marked a “sell zone” for the BTC USD pair near $114,000, overlapping with levels where the alleged insider short reportedly opened. The warning circulated quickly among traders who were already cautious ahead of Trump’s announcement and the U.S. CPI release, both seen as catalysts for near-term volatility.
At the same time, on-chain analysts noted large-scale Bitcoin outflows from old wallets. Ted Pillows reported that a whale address had transferred roughly $880 million in BTC to exchanges over the past week, including several high-value transactions to Coinbase.
The steady flow aligned with rising sell volume across spot markets, where cumulative order data showed persistent selling pressure. Binance’s order book revealed heavy resistance layers near $108,000–$109,500, suggesting market makers absorbed sell-side liquidity rather than initiating recovery bids.
The combined signals reinforced a growing perception that Bitcoin’s latest pullback was not isolated. With leveraged shorts gaining traction and whales distributing supply, sentiment leaned decisively bearish. The technical setup, on-chain activity, and market depth data collectively hinted at continued stress across Bitcoin’s structure, marking a phase where traders favored defense over accumulation.
Quantum Acceleration Deepens Debate Over Bitcoin’s Future Resilience
While traders focused on price levels and whale activity, the broader discussion around Bitcoin shifted toward long-term technological threats. Google’s latest quantum computing breakthrough reignited questions about how long Bitcoin’s cryptography could withstand future decryption power.
The company’s new quantum processor marked measurable progress toward systems capable of solving complex calculations beyond the limits of classical machines. Though Bitcoin’s encryption remains secure for now, the milestone renewed scrutiny of its dependence on elliptic curve cryptography — the foundation protecting digital ownership.
Institutional players are moving quickly in this field. IBM announced plans to deliver the first error-corrected quantum computer by 2028. The company has partnered with over 280 institutions, including HSBC and Vanguard.
Both firms reported practical use cases for IBM’s quantum processors, from bond trading predictions to portfolio optimization. IBM also expanded its collaboration with AMD to build quantum-centric architectures. These are accelerating research momentum across financial and computing sectors.
Moreover, a Deloitte study warned that roughly one-fourth of Bitcoin in circulation could become vulnerable once scalable quantum machines arrive. The firm emphasized that wallets already exposed public keys are most at risk, urging developers to migrate to quantum-resistant algorithms before the threat materializes.
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