Bitcoin has climbed above $67,000, marking an almost 11% increase over seven days. Yet analysts warn that falling below the crucial $58,800 support could trigger a 12% decline, even as market sentiment remains bullish and futures contracts hit new peaks.

Bitcoin Bears Need a 12% Drop to Confirm Outlook, Says Analyst

A crypto specialist has stated that in order for Bitcoin critics to be right, the price of the cryptocurrency would need to fall by around 12% from its present $67,250 level.

In an Oct. 17 X post, crypto analyst Matthew Hyland expressed his opinion on the matter, saying, "Bears can only get giddy if BTC breaks below $58.8k." At the time, Bitcoin was trading at $67,248, having gained 10.88% in the previous seven days, according to statistics from TradingView.

Price Pullbacks Are "Just Noise," Hyland Says

According to Hyland, any lower estimate "is just noise if we see a pullback."

In a brief period on September 17, Bitcoin dipped below $58,192, but by September 27, it had risen above $65,000.

Patience Urged Amid Bitcoin's High Leverage and Volatility

In a message to his followers who are long Bitcoin, head analyst James Check of Glassnode emphasized that price pullbacks "will happen" and urged them to "be patient" rather than succumb to "FOMO."

"High leverage means higher likelihood of volatile shake-outs," Check pointed out, citing the new all-time high in Bitcoin futures Open Interest (OI).

Bitcoin Futures Contracts Hit Record Levels

The total number of Bitcoin futures contracts reached 566,270 on Oct. 15, according to Cointelegraph. This is the biggest level since January 2023.

This occurs while the Crypto Fear and Greed Index indicates that market sentiment is in a "Greed" state.

Market Sentiment Peaks with a "Greed" Score of 71

A "Greed" score of 71, an increase of 32 points since Oct. 10, indicates the current "emotions and sentiments" regarding Bitcoin and the wider crypto market.

Wolf, the pseudonymous crypto trader, does not anticipate such a precipitous decline in the price of Bitcoin.

Analyst Predicts Pullback Before Breaking Through Resistance

"Keep in mind the possibility of a pullback to the $ 63.2-64.4 ks range before breaking through the final resistance of the pattern," Wolf warned.

After four days of inflows into U.S.-based products, cumulative flows into spot Bitcoin exchange-traded funds (ETFs) surpassed $20 billion on October 17.

BlackRock Sees Massive Inflows Amid Bitcoin ETF Boom

In particular, BlackRock, the biggest asset manager in the world, had $393.4 million in daily inflows on October 16—the highest sum since $526.7 million on July 22.