Bitcoin Plunges to a Three Month Low Near $62,080 as Analyst Spots a Fourth Capitulation Wave

Bitcoin kept sliding through Saturday, falling about 8% since US stock markets closed on Friday and touching a fresh three month low of $62,080. It is trading near $64,150 and has lost 15.6% over the past week. Other major coins fared worse. Ether is down 21.2% on the week, while XRP has dropped 22% and Solana 22%.

Fourth Capitulation Event Since the Peak

Analysts said the market is going through the fourth capitulation event since the all time high. They argues that most of those selling at a loss are buyers who hesitated last summer when prices sat in the mid to high $60,000s, then rushed in during September when Bitcoin traded in the $80,000s. In his words, they are now selling at the very level they wished they had bought three months ago.

Is Bitcoin in the Deep Value Zone

Bitcoin has entered a deep value zone, a range last seen in February and late June this year, and before that in the late stages of the 2022 crypto winter.