As the U.S.-Israel war on Iran raged on for a fifth day, the analysts wrote in a Wednesday note that Bitcoin is showing signs of relative stability, leading them to determine that the most intense period of selling pressure has likely passed amid Bitcoin’s months-long swoon.
“The worst is behind us; now we wait,” they wrote. “However, bottoming regimes in BTC have typically been slow, and patience has been a necessary virtue.”
K33’s report acknowledged that no indicator is foolproof, but history suggested “an overwhelming concentration of bets in one direction for BTC tends to be followed by BTC moving in exactly the opposite direction.”
Lunde echoed that sentiment in an interview with Decrypt, but he described the latest sell-off as relatively orderly compared to the chaos that rattled crypto prices years ago. Nonetheless, he viewed the defensive position in the crypto market as “atypical.”
“It is something that, in the past, has been associated with global bottoms,” Lunde told Decrypt. “Bitcoin has a tendency to do the unexpected.”
