Originally published on: October 17, 2024
With Bitcoin trading at around $67,250, skeptics are eagerly waiting for the price to drop below $58.8k to confirm their bearish outlook. According to crypto analyst Matthew Hyland, a potential dip to this level would make the bears “giddy” while anything above is considered mere noise.
Despite the current price of $66,894, analysts like James Check are advising caution and patience to long-term Bitcoin holders. With the Crypto Fear and Greed Index showing a “Greed” score of 71, market sentiment remains positive but with warnings of potential pullbacks on the horizon.
Pseudonymous trader Wolf suggests a minor pullback to the $63.2-$64.4k range before a possible breakthrough in Bitcoin’s price pattern. Meanwhile, cumulative flows into spot Bitcoin ETFs have surpassed $20 billion, signifying continued investor interest in the cryptocurrency.
As Bitcoin futures contracts hit a new high, reaching 566,270 contracts, the market remains volatile with the potential for significant price fluctuations. Despite uncertainties, analysts and traders are optimistic about Bitcoin’s future, with many hinting at a new all-time high in the coming years.
Please note that this article does not offer investment advice. Readers are encouraged to conduct their own research and due diligence before making any financial decisions. Subscribe to our newsletter for more insights and updates on the cryptocurrency market.
