Bitcoin touched a fresh 3-month low of $65,000 on Saturday after drifting lower since the U.S. stock market closed on Friday. Analyst James Check says the market is seeing its fourth capitulation event since the all-time high and calls the price a "deep value" zone.
Bitcoin touched a fresh 3-month low of $65,000 on Saturday. It has drifted lower by nearly another 3% since the U.S. stock market closed on Friday evening, in what CoinDesk describes as not a sharp selloff.
The world's largest crypto is lower by 13.5% over the past week. Ether is down 18%, XRP 16.3%, and solana 18%.
Analyst sees a fourth capitulation event
Check wrote early Saturday. According to Check: "We’re watching the fourth capitulation event since the all-time high," he wrote on X.
He added that the majority of those booking losses are people who were too indecisive to buy last summer in the mid-high $60,000s and then bought into BTC in September in the $80,000s. Check said those sellers are now selling at the price they wish they had taken advantage of three months ago.
Bitcoin enters a "deep value" zone
Check said bitcoin is now in a "deep value" zone, last seen in February and late June of this year, and before that in late 2022. That does not mean the bottom is in, he said. Still, Check said history shows that those who begin legging in will eventually find themselves in profit.
Source: CoinDesk
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