As a seasoned researcher with over two decades of experience in the financial markets, I find myself intrigued by the current state of Bitcoin (BTC). The recent bull run has been nothing short of spectacular, with BTC trading at an all-time high of $67,250. However, as I’ve learned time and again, even the most bullish of markets experience corrections.
According to a cryptocurrency expert’s analysis, the price of Bitcoin would have to decrease approximately 12% from its present value of $67,250 for the bearish perspective of skeptics to become valid.
In simpler terms, according to crypto expert Matthew Hyland’s perspective shared on October 17th, bears (people who expect Bitcoin to decrease in value) will become more optimistic if Bitcoin’s price drops below $58,800, given that it is currently trading at $67,248 and has increased by 10.88% over the last week, as shown by TradingView data.
Hyland said that anything less than that “is just noise if we see a pullback.”
Previously, Bitcoin reached that price point on September 17, momentarily hitting $58,192 before subsequently increasing to $65,000 by the end of September 27th.
Bitcoin pullbacks ‘will happen,’ says analyst
On October 17th, Glassnode’s leading analyst, James Check, reminded his followers who are long on Bitcoin to exercise patience and resist the urge to act impulsively due to fear of missing out (FOMO). He stressed that market fluctuations, including price drops, are inevitable.
A high level of “leverage” in trading Bitcoin futures, as indicated by the Open Interest (OI) hitting a record peak, suggests a potentially increased chance of significant market fluctuations or corrections.
On October 15th, as per a report by CryptoMoon, the total count of Bitcoin futures agreements hit an all-time high since early January 2023, with a grand total of 566,270 contracts.
The Crypto Fear and Greed Index indicates that the current market atmosphere is characterized by “Excessive Optimism” or “Greed.
The current “emotion and sentiment” reading for Bitcoin and the wider cryptocurrency market, as indicated by the Index, stands at a “Greed” level of 71, marking an increase of 32 points compared to October 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.
Wolf mentioned that there could be a potential drop within the $63.2 to $64.4 price range before moving past the final resistance of the pattern,” is one way to paraphrase this statement in natural and easy-to-read language.
On October 17th, the total amount of money flowing into Bitcoin exchange-traded funds (ETFs) surpassed $20 billion, marking the fourth straight day of inflows for U.S.-based ETFs.
Significantly, on October 16th, BlackRock, the world’s largest asset manager, experienced a record-breaking daily inflow of $393.4 million. This is the highest daily intake since July 22nd, when they recorded an inflow of $526.7 million.
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2024-10-18 00:04