NBA Legend Scottie Pippen Stays Positive After Bitcoin Falls

NBA legend Scottie Pippen is keeping a cool head while Bitcoin (BTC) goes through a major price drop. In a recent X post, basketball star has urged investors to stay calm and not panic as the world’s biggest cryptocurrency faces a sharp correction, affecting both spot and futures markets.  This event has rattled the whole crypto market. 

Bitcoin Plunges as Long-Term Holders Cash Out

Bitcoin’s latest correction began after it touched an all-time high of $126,296 on October 5. During this time, 97% of Bitcoin’s circulating supply was reported to be in profit, signaling the strength of the ongoing bull market. 

However, a few days later, the digital asset saw a sharp decline, with the price falling to $122,600 before plunging further to $107,000. The decline extended Bitcoin’s losing streak to three straight days, marking one of the steepest drops since the start of the year.

Data from Glassnode showed that Bitcoin futures also recorded their largest single-day open interest wipeout in history. This comes as over $11 billion in positions were cleared in one day. The recent sell-off coincided with a major distribution by long-term Bitcoin holders. 

According to CryptoQuant, investors who had held Bitcoin for extended periods sold about 240,000 BTC over the last 30 days. Community analyst Maartunn explained that this pattern does happen near major cycle peaks. This is when early holders decide to take profits and reduce exposure after long periods of accumulation. He described this event as the largest wave of distribution since January 2025. 

Experts Cautions as Bitcoin Volatility Grows

Analysts at Swissblock advised investors to stay patient and not rush into the market until things calm down. 

On-chain expert Willy Woo also noted that even though prices have dropped, Bitcoin’s inner data still looks strong. He said that the steady flow of money into Bitcoin shows there’s still real demand, which is helping it avoid a bigger crash.

Meanwhile, Scottie Pippen’s message encouraged Bitcoin holders to stay hopeful. His words struck a chord with many investors who continue to believe in Bitcoin’s long-term value despite the short-term ups and downs.

Bitcoin Rebounds Slightly but $100K Support Remains Critical

After three consecutive days of losses, Bitcoin showed some signs of recovery on October 12. The flagship crypto is now trading at $113,828, up by 1.68% in the last 24hours according to CoinMarketCap data. 

However, analysts cautioned that the key support level to watch now is $100,000. A fall below this level could signal the end of the three-year bull cycle and open the door to a more extended downturn.

As traders await clarity, the market remains on edge. Whether this correction becomes a short-term shakeout or the start of a longer cooling phase will depend on how Bitcoin performs in the coming days.