According to Cointelegraph, a crypto analyst said that the Bitcoin (BTC) price needs to fall by about 12% from the current $67,250 level to $58.8k to confirm a bearish trend. Analyst Matthew Hyland pointed out in the X post on October 17 that a valid pullback is below $58.8k, otherwise it is just noise. Bitcoin is currently trading at $66,894.

Glassnode chief analyst James Check reminded Bitcoin investors to be patient and avoid "FOMO" on October 17, emphasizing that price corrections are inevitable. Check pointed out that Bitcoin futures open interest (OI) has reached a record high, indicating that high leverage means higher volatility.

On October 15, Cointelegraph reported that the total number of Bitcoin futures contracts reached 566,270, the highest level since January 2023. The market sentiment index shows that the current market is in a "greedy" state with a score of 71, which has increased by 32 points since October 10.

Not everyone thinks that BTC prices will pull back sharply. Anonymous crypto trader Wolf said that Bitcoin prices may pull back to the $63.2-64.4k range before breaking through the final resistance level. On October 17, the cumulative inflow of spot Bitcoin ETF exceeded $20 billion, and the US product has inflowed for four consecutive days. On October 16, the world's largest asset management company BlackRock had a single-day inflow of $393.4 million, the largest since July 22.