‘If you want to be wrong, follow the masses’: K33 says bitcoin deeply oversold with no compelling reason to sell

Research and brokerage firm K33, through Head of Research Vetle Lunde, argues that Bitcoin (BTC) is deeply oversold, noting its weekly Relative Strength Index hit 26.84, the third-lowest on record, following six straight weekly declines. Lunde advises against selling, stating, "If you want to be wrong, follow the masses," as derivatives markets show extreme bearish positioning, including negative funding rates in perpetual futures and high premiums paid for downside options protection. Historically, such negative sentiment periods have preceded significant Bitcoin returns. Furthermore, selling pressure from long-term holders and institutional investors (CME futures and ETF outflows) appears to be easing, and Bitcoin has shown resilience amid Middle East geopolitical tensions. K33 concludes there is no compelling reason to sell at current levels, despite bottoming phases taking time.

(Source：The Block)