Bitcoin is at the ‘fourth most oversold’ point in history. according to a analyst

The entity-adjusted dormancy flow has historically been used to mark potential price bottoms in the Bitcoin market.

Bitcoin continues to struggle with sell-off pressure since its dip below $40,000, with a recent bounce fading off near $39k and then Thursday’s downturn pushing it below $37k once again.

Will Clemente, a popular analyst who hosts the Bitcoin Intelligence podcast and writes a newsletter to over 70,000 investors, believes the current price levels put BTC in a position of a potentially huge bounceback move.

According to the analyst, the benchmark digital asset is trading at its fourth most oversold level in history.

READ MORE: Source coinjournal

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