Bitcoin

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Bitcoin’s price would have to drop about 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 (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="nofollow noopener" target="_blank" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) trading at $67,248, up 10.88% over the past seven days, according to TradingView <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/" rel="null" target="null" text="null" title="null">data</a>.
Hyland said anything less than that “is just noise if we see a pullback.”&nbsp;
<figure>
 <img alt="Bitcoin Price, Markets" src="https://s3.cointelegraph.com/uploads/2024-10/01929bd2-5dfc-737a-8731-04e0b7275809" title="">
 <figcaption style="text-align: center;">
 Bitcoin is trading at $66,894 at the time of publication. Source: TradingView
 </figcaption>
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The last time Bitcoin touched that level was on Sept. 17, briefly tapping $58,192 before climbing to $65,000 by Sept. 27.
<h2 id="bitcoin-pullbacks-will-happen-says-analyst">Bitcoin pullbacks ‘will happen,’ says analyst</h2>
On Oct. 17, Glassnode lead analyst James Check <a data-ct-non-breakable="null" href="https://x.com/_Checkmatey_/status/1846778323374166219" rel="null" target="null" text="null" title="null">reiterated</a> 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 <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-open-interest-soars-to-one-year-high-as-btc-price-rallies-toward-68k#:~:text=Data%20shows%20that%20the%20total,high%20from%20March%2028,%202024." rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-open-interest-soars-to-one-year-high-as-btc-price-rallies-toward-68k#:~:text=Data%20shows%20that%20the%20total,high%20from%20March%2028,%202024.">reported that the total number of Bitcoin</a> futures contracts reached 566,270, the highest level since January 2023.&nbsp;
<figure>
 <img alt="Bitcoin Price, Markets" src="https://s3.cointelegraph.com/uploads/2024-10/01929be2-56d1-702b-bd75-2042e618f105" title="">
 <figcaption style="text-align: center;">
 Bitcoin Futures Open Interest chart. Source: X/Checkmate
 </figcaption>
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It comes amid the market sentiment being in a “Greed” state, according to the Crypto Fear and Greed <a data-ct-non-breakable="null" href="https://alternative.me/crypto/fear-and-greed-index/" rel="null" target="null" text="null" title="null">Index</a>.
The Index represents<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-fear-greed-index-back-into-greed-territory" rel="null" target="null" text="null" title="https://cointelegraph.com/news/crypto-fear-greed-index-back-into-greed-territory"> current</a> “emotions and sentiments” toward Bitcoin and the broader crypto market and reads a “Greed” score of 71, up 32 points since Oct. 10.
<h2 id="not-everyone-thinks-a-btc-price-correction-is-coming">Not everyone thinks a BTC price correction is coming</h2>
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 <a data-ct-non-breakable="null" href="https://x.com/IamCryptoWolf/status/1846908007482880257" rel="null" target="null" text="null" title="null">said</a>.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/these-5-bitcoin-price-metrics-hint-new-all-time-high-2024" rel="null" target="null" text="null" title="null">These 5 Bitcoin price metrics hint at a new all-time high in 2024</a>
On Oct. 17, cumulative flows into the spot Bitcoin exchange-traded funds (ETF) exceeded $20 billion, following the United States-based products <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/the-dams-are-open-spot-bitcoin-etfs-harness-20-b-after-4th-consecutive-day-of-inflows" rel="null" target="null" text="null" title="null">clocking four consecutive days of inflows.</a>
Notably, on Oct. 16, the world’s largest asset manager, BlackRock, saw $393.4 million in daily inflows, the biggest amount since July 22, when it clocked $526.7 million.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/rabby-scammer-konpyl-crypto-ceo-mountain-victims/" rel="null" target="null" text="null" title="https://cointelegraph.com/magazine/rabby-scammer-konpyl-crypto-ceo-mountain-victims/">Fake Rabby Wallet scam linked to Dubai crypto CEO and many more victims</a>’
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.

Bitcoin bears could turn ‘giddy’ at prospect of sub-$60K BTC price

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