10X Research Bitcoin in Severe Oversold Territory Price May Rebound After Further Decline

According to a recent report by 10X Research, a leading cryptocurrency research organization, Bitcoin is currently experiencing a severe oversold condition. After experiencing fluctuations, some altcoins have been recommended by key opinion leaders (KOLs) to be bought at a low price. The greed and fear index is approaching its lowest level, which is usually associated with a low point in prices. There are several reasons for the sell-off of Bitcoin, including the distribution of Bitcoin from Mt.Gox (estimated value of $9 billion, starting from July), the sale of confiscated Bitcoin by the German government ($3 billion), the sale of $2-3 billion by Bitcoin miners, the sale of $1.4 billion by ETFs, and the sale of $1.2 billion by Bitcoin OG wallets. Assuming a total value of $16-18 billion, which is similar to the inflow of Bitcoin ETFs so far this year. Previous internal trading signals have provided multiple sell signals for Bitcoin. While many claim that the recent decline is due to the FUD surrounding Mt.Gox (as well as the other factors mentioned above), a structural factor may cause a deeper decline before a possible rebound from a lower level.