Bitcoin traders brace for potential drop below $60,000

Bitcoin (CRYPTO:BTC) bears are anticipating a potential price drop as analysts suggest Bitcoin could decline by roughly 12% from its current level of $67,250. 

Analyst Matthew Hyland noted that “bears can only get giddy if BTC breaks below $58.8k,” implying that anything less would be considered market fluctuations. 

Bitcoin is currently trading around $66,894, marking a 10.88% rise over the past week. 

However, analysts expect pullbacks, with Bitcoin potentially seeing a correction soon. 

James Check, lead analyst at Glassnode, advised traders to “be patient” and avoid impulsive trades, warning that high leverage in the market increases volatility risk. 

Check emphasized that price pullbacks “will happen” as Bitcoin futures open interest (OI) reached a new all-time high, with 566,270 contracts, the highest level since January 2023.

Despite these warnings, not all traders believe a major correction is imminent. 

A pseudonymous crypto trader, Wolf, suggested that while a pullback to the $63,200-$64,400 range might occur, Bitcoin could still break through the final resistance in its current pattern.

Market sentiment remains bullish, with the Crypto Fear and Greed Index in the “Greed” zone, recording a score of 71. 

This represents a 32-point increase since October 10, indicating strong positive sentiment among investors.

Additionally, spot Bitcoin exchange-traded funds (ETFs) have seen over $20 billion in inflows, with BlackRock leading the way. 

On October 16, BlackRock recorded $393.4 million in daily inflows, reinforcing the growing institutional interest in Bitcoin.

At the time of writing, the Bitcoin (BTC) price was $67,700.08.