A 10x survey predicts that Bitcoin could waive $20,000 in either direction during the fourth quarter of 2025.
Bitcoin is struggling with a resistance of around $115,000, and technical pressures are creating uncertainty for traders.
On-chain data shows whales selling 147,000 BTC this month add downward market pressure.
Meanwhile, you’ll need to keep the crucial support of BTC at $109,898, but if you break $115,000 you might then test $120K.
Bitcoin is entering the fourth quarter of 2025. But after falling more than 10% from an all-time high of $124,000, 10x research analysts warn that regular bullish drivers are weak this year.
In addition to worry, a 10x survey predicts that Bitcoin can move up and down $20,000, highlighting market uncertainty.
Will the “Up to Ber” rally be retained?
October has historically been Bitcoin’s strongest month, and has often set the bullish Q4 tone. Historically, 10 out of 12 cases have made a profit, with an average price increase of 21%.
But as 10x research points out, when everyone is tilted in the same direction, the market often finds a way to do the opposite. This year, the regular drivers behind the October rally have become weaker and traders are exposed to potential shaking.
Bitcoin swings $20,000 up and down
According to a 10x research analysis, Bitcoin is approaching a critical level where technical pressure is rising. However, prices may occur, but the direction is uncertain.
BTC fell 3% this week, but is struggling to pass the $115,000 resistance. So, analysts say that the initial Q4 can see a swing of up to $20,000 in either direction.
On-chain data adds more pressure
Beyond charts and trading desks, on-chain data also flashes warning signs. 10x Research notes that the options market shows traders betting on strong breakouts.
According to Cryptoquant, the whales have sold 147,000 BTC in just a month, accelerating downward pressure.
This is one of the reasons why Bitcoin prices have become weaker.
Whale is sold online:
-147K Bitcoin since August 21st.
Polarity balance decreases at the fastest monthly rate of the cycle. pic.twitter.com/w7mti37bf2– Giulio Moreno (@jjcmoreno) September 23, 2025
You can see the important levels of Bitcoin
As of now, Bitcoin is trading at $113,060, showing only a small movement in the last 24 hours. Analysts see $109,898 as a key level of support. Over that, you can keep the bull market alive, but dropping to $105,000 could result in a bigger drop.
The advantage is that breakouts above $115K could pave the way for Bitcoin to test the $120,000 level.
