10X Research: BTC is severely oversold, and the price may rebound after further decline

ChainCatcher message, the encryption research institution 10X Research stated that Bitcoin is currently severely oversold; after fluctuations in some altcoins, KOLs suggest fans to buy on dips, and the greed and fear index is approaching its lowest level, which is usually associated with price lows.

There are many reasons for the Bitcoin sell-off: the distribution of Bitcoin from Mt.Gox (estimated value of $9 billion, starting from July), the German government's sale of confiscated Bitcoin ($3 billion), Bitcoin miners selling $2-3 billion, ETF sales of $1.4 billion, and Bitcoin OG wallets selling $1.2 billion, etc. Assuming a total of $16-18 billion------similar to the inflow of Bitcoin ETFs so far this year.

Previously, internal trading signals provided multiple sell signals for Bitcoin. Although many claim that the recent decline is due to the fud from Mt.Gox (and other factors mentioned above), some structural factors may lead to a deeper decline before a potential rebound from lower levels.