Bitcoin Bears Anticipate BTC Price Drop Below $60K

Analysts predict that Bitcoin price pullbacks are inevitable and advise traders to refrain from impulsive trading.

Source: www.turkiyegazetesi.com.tr

According to crypto analyst Matthew Hyland, Bitcoin’s price needs to fall approximately 12% from its current level of $67,250 for skeptics to validate their bearish perspective. He noted in an October 17 post on X (formerly Twitter) that bears will only feel excitement if BTC drops below $58.8K, while it was trading at $67,248 an increase of 10.88% over the past week.

Hyland remarked that any decline below that threshold would be considered just noise in the event of a pullback. He also pointed out that the last time Bitcoin approached this level was on September 17, when it briefly dipped to $58,192 before rising to $65,000 by September 27.

Analyst Predicts Bitcoin Pullbacks Are Inevitable

On October 17, analyst James Check advised his followers with long Bitcoin positions to be patient and resist the urge to FOMO, stressing that price pullbacks are inevitable.

Check noted that high leverage increases the likelihood of volatile shakeouts, highlighting that Bitcoin futures Open Interest (OI) has reached a new all-time high. On October 15, it was reported that the total number of Bitcoin futures contracts hit 566,270, the highest level since January 2023. This surge occurs amid a market sentiment currently categorized as Greed.

The Index, which reflects the prevailing emotions and sentiments towards Bitcoin and the broader crypto market, recorded a Greed score of 71, a rise of 32 points since October 10.

Not Everyone Anticipates A BTC Price Correction

Crypto trader Wolf does not anticipate a significant drawdown in Bitcoin’s price.

He suggested that a pullback to the $63.2K $64.4K range is possible before breaking through the final resistance level of the pattern. As of October 17, cumulative inflows into spot Bitcoin exchange traded funds (ETFs) have surpassed $20 billion, following four consecutive days of inflows for United States-based products.

Notably, on October 16, the world’s largest asset manager, BlackRock, recorded $393.4 million in daily inflows, the highest amount since July 22, when it reached $526.7 million.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.