Analyst: Bitcoin sell-off is nearing saturation, and now may be a relatively strong buying opportunity
According to ChainCatcher, citing The Block, K33 Head of Research Vetle Lunde stated in a new report that over the past month, bitcoin underperformed the Nasdaq Index on 70% of trading days, and bitcoin's performance relative to the index is now 30% weaker than it was on October 8. The recent bitcoin sell-off has approached saturation levels, as evidenced by panic selling signals in both the spot market and ETP trading flows.
Bitcoin's significant underperformance relative to stocks has become severely disconnected from fundamentals, providing a strong long-term relative buying opportunity.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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