Crypto Market in Bearish Grip, But Analyst Says Market Undervalued
CryptoNewsTerminal Staff06 Sep, 2024
Crypto Market in Bearish Grip, But Analyst Says Market Undervalued
Crypto markets have taken a hit this week, with options data reflecting the prevailing bearish sentiment. Max pain for the $769 million in Bitcoin options expiring on Friday at 5 p.m. ET is $59,000. However, one analyst believes that the market is being overly pessimistic. According to Adam, a macro strategist at crypto options analytics firm Greeks.live, "Crypto markets have sold off this week and the overall bearish sentiment is evident in options data." He added that "I continue to believe that markets are way too bearish at the moment, and that by year-end we'll see some mean reversion." This suggests that Adam believes the current market conditions are not reflective of the long-term potential of cryptocurrencies and that there may be opportunities for investors to buy at a discount. Of course, it's important to note that the crypto market is volatile and investors should only invest what they can afford to lose.
