{"id":51839,"date":"2024-10-18T01:45:00","date_gmt":"2024-10-18T01:45:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-bears-turn-giddy-at-prospect-of-sub-60-k-btc-price"},"modified":"2024-10-19T07:03:34","modified_gmt":"2024-10-19T07:03:34","slug":"bitcoin-bears-turn-giddy-at-prospect-of-sub-60k-btc-price","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51839","title":{"rendered":"Bitcoin bears turn \u2018giddy\u2019 at prospect of sub-$60K BTC price"},"content":{"rendered":"

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.<\/p>\n

\u201cBears can only get giddy if BTC breaks below $58.8k,\u201d 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.<\/p>\n

Hyland said that anything less than that \u201cis just noise if we see a pullback.\u201d<\/p>\n

\"Bitcoin
Bitcoin is trading at $66,894 at the time of publication. Source: TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n

The last time Bitcoin touched that level was on Sept. 17, briefly tapping $58,192 before climbing to $65,000 by Sept. 27.<\/p>\n

Bitcoin pullbacks \u2018will happen,\u2019 says analyst<\/h2>\n

On Oct. 17, Glassnode lead analyst James Check reiterated to his followers holding Bitcoin long positions to \u201cbe patient\u201d and avoid the temptation to \u201cFOMO,\u201d emphasizing that price pullbacks \u201cwill happen.\u201d<\/p>\n

\u201cHigh leverage means higher likelihood of volatile shake-outs,\u201d Check highlighted while pointing to Bitcoin futures Open Interest (OI) reaching a new all-time high.<\/p>\n

On Oct. 15, Cointelegraph reported that the total number of Bitcoin futures contracts reached 566,270, the highest level since January 2023.<\/p>\n

\"Bitcoin
Bitcoin Futures Open Interest chart. Source: X\/Checkmate<\/em><\/p>\n<\/figcaption><\/figure>\n

It comes amid the overall sentiment in the market being in a \u201cGreed\u201d state, according to the Crypto Fear and Greed Index.<\/p>\n

The Index, which represent current \u201cemotions and sentiments\u201d toward Bitcoin and the broader crypto market, reads a \u201cGreed\u201d score of 71, up 32 points since Oct. 10.<\/p>\n

Not everyone thinks a BTC price correction is coming<\/h2>\n

Pseudonymous crypto trader Wolf doesn\u2019t foresee such a significant drawdown in Bitcoin\u2019s price.<\/p>\n

\u201cKeep in mind the possibility of a pullback to the $ 63.2-64.4 ks range before breaking through the final resistance of the pattern,\u201d Wolf stated.<\/p>\n

Related: <\/strong><\/em>These 5 Bitcoin price metrics hint at a new all-time high in 2024<\/strong><\/em><\/p>\n

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.<\/p>\n

Notably, on Oct. 16, the world\u2019s largest asset manager, BlackRock, saw $393.4 million in daily inflows, the largest amount since July 22, when it clocked $526.7 million.<\/p>\n

Magazine: <\/strong><\/em>Fake Rabby Wallet scam linked to Dubai crypto CEO and many more victims<\/strong><\/em>‘<\/strong><\/em><\/p>\n

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.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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. \u201cBears can only get giddy if BTC breaks … Bitcoin bears turn \u2018giddy\u2019 at prospect of sub-$60K BTC price<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51840,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-51839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nBitcoin bears turn \u2018giddy\u2019 at prospect of sub-$60K BTC price - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51839\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin bears turn \u2018giddy\u2019 at prospect of sub-$60K BTC price - 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