Bitcoin (BTC) price will need to drop around 12% from its current $67,250 level for skeptics to have their bearish outlook confirmed, according to a crypto analyst.
“Bears can only get giddy if BTC breaks below $58.8k,” crypto analyst Matthew Hyland opined in an Oct. 17 X post amid Bitcoin trading at $67,248, up 10.88% over the past seven days, according to TradingView data.
Hyland said that anything less than that “is just noise if we see a pullback.”
Bitcoin is trading at $66,894 at the time of publication. Source: TradingView
The last time Bitcoin touched that level was on Sept. 17, briefly tapping $58,192 before climbing to $65,000 by Sept. 27.
Bitcoin pullbacks ‘will happen,’ says analyst
On Oct. 17, Glassnode lead analyst James Check reiterated to his followers holding Bitcoin long positions to “be patient” and avoid the temptation to “FOMO,” emphasizing that price pullbacks “will happen.”
“High leverage means higher likelihood of volatile shake-outs,” Check highlighted while pointing to Bitcoin futures Open Interest (OI) reaching a new all-time high.
On Oct. 15, Cointelegraph reported that the total number of Bitcoin futures contracts reached 566,270, the highest level since January 2023.
Bitcoin Futures Open Interest chart. Source: X/Checkmate
It comes amid the overall sentiment in the market being in a “Greed” state, according to the Crypto Fear and Greed Index.
The Index, which represent current “emotions and sentiments” toward Bitcoin and the broader crypto market, reads a “Greed” score of 71, up 32 points since Oct. 10.
Not everyone thinks a BTC price correction is coming
Pseudonymous crypto trader Wolf doesn’t foresee such a significant drawdown in Bitcoin’s price.
“Keep in mind the possibility of a pullback to the $ 63.2-64.4 ks range before breaking through the final resistance of the pattern,” Wolf stated.
Related: These 5 Bitcoin price metrics hint at a new all-time high in 2024
On Oct. 17, cumulative flows into the spot Bitcoin exchange-traded funds (ETF) exceeded $20 billion following the United States-based products clocking four consecutive days of inflows.
Notably, on Oct. 16, the world’s largest asset manager, BlackRock, saw $393.4 million in daily inflows, the largest amount since July 22, when it clocked $526.7 million.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.