30s Summary

Crypto analyst Matthew Hyland states that Bitcoin’s price needs to drop by 12% to below $58.8k before sceptics can consider the bearish outlook justified. Glassnode’s lead analyst James Check encourages Bitcoin holders to resist panic selling. Despite some expectations of a significant drop, others expect a possible pullback might only reach the $63.2-64.4k range. Bitcoin ETFs are witnessing significant inflows, surpassing $20 billion. The current mood in the crypto market is considered ‘greedy’, according to the Crypto Fear and Greed Index.

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Crypto analyst Matthew Hyland believes that Bitcoin’s price would have to drop about 12% from its current level of $67,250 for skeptics to start cheering.

He argues that Bitcoin needs to fall below $58.8k for the bearish outlook to be justified. To put it simply, anything else is just noise if we see any pullback. At the time of writing, Bitcoin’s trading price is sitting at $66,894.

Fun fact: The last time Bitcoin dipped to that level was in mid-September, following which, it climbed back up to $65,000 within 10 days.

James Check, Glassnode’s lead analyst, has advised Bitcoin holders to be patient and resist the temptation to panic sell, saying pullbacks in the price will occur. He points out that a higher leverage could lead to more significant shake-ups in price.

Interestingly, the total number of Bitcoin futures contracts recently reached its highest level since January 2023, hitting 566,270 contracts.

Also worth mentioning is the current mood in the crypto market which is one of ‘Greed’, according to the Crypto Fear and Greed Index. The index suggested an increase in ‘Greed’ since the start of October.

However, not everyone in crypto believes there might be a significant drop in Bitcoin’s price. Crypto trader Wolf suggests that even with a potential pullback, it might only go to the $ 63.2-64.4k range before breaking the last resistance.

In the meantime, Bitcoin ETFs are experiencing significant inflows, with flows into spot Bitcoin ETFs surpassing $20 billion. This follows the US-based products experiencing four straight days of inflows.

Fun fact number two: On October 16, BlackRock, the world’s largest asset manager, saw daily inflows of $393.4 million which, is pretty significant considering it’s the largest amount since it had $526.7 million back in late July.

And remember, friends – as always, invest wisely!

Source: Cointelegraph