On-chain analytics firm Glassnode has issued a warning that Bitcoin could face a significant price drop if it falls below the $108,500 level. According to Glassnode's analysis using the Supply Quantiles Cost Basis model, Bitcoin's recent decline below the 0.85 quantile indicates structural weakness, with 15% of the supply currently at a loss. Historically, such a scenario has often led to a further decline toward the 0.75 quantile, which is currently positioned at $97,500. The analysis also highlights that Bitcoin has dipped below the average cost basis of short-term holders, suggesting a risk of capitulation if bearish trends continue. This potential drop could mark a deeper correction in the cryptocurrency's market value, raising concerns among investors and traders.