The U.S. spot Bitcoin ETF has recorded the longest consecutive outflow of funds in over four months, but cryptocurrency entrepreneur Anthony Pompliano believes that the spot Bitcoin price may be undervalued.
According to data from Farside and CoinMarketCap, the spot Bitcoin (BTC) ETF has seen outflows of approximately $1.17 billion over the past five trading days, marking the longest streak since the seven consecutive declines in April when Bitcoin trading approached $79,625.
Pompliano stated on CNBC on Thursday that Bitcoin is currently likely undervalued, with its price at $112,870 at the time of writing.
"The current price is in the range of $112,000 to $113,000, which is indeed oversold," Pompliano said. He pointed out that the oversold signals for Bitcoin, combined with the upcoming September and October after the halving in April 2024, may indicate that the asset's price has upward momentum.
He noted, "In September, everyone will be paying attention to the market, unlike in August, so the buying activity in September will be more active."
It has been just over a week since Bitcoin set its historical high of $124,128 on August 14.
Since 2013, the third quarter has been the weakest performing quarter for Bitcoin, with an average return of only 6.02%, while the fourth quarter has been the strongest, with an average increase of 85.42%, according to CoinGlass data.
Pompliano stated that when people expect history to repeat itself, it often drives buying activity.
"If people believe that the end of the third quarter and the beginning of the fourth quarter are good times to buy Bitcoin, they will take action," he said.
While Pompliano expects Bitcoin to strengthen before the end of the year, he expressed skepticism about whether this cycle can reach $1 million, although he sees opportunities for the future.
He added that the highly anticipated interest rate cut by the U.S. Federal Reserve on September 17, along with related companies raising more funds to purchase Bitcoin, could drive up Bitcoin demand.
"Bitcoin will definitely rise to a million in the future, but I think the likelihood of reaching a million dollars within this cycle is extremely low," Pompliano stated.
Just a day before Pompliano made this prediction, Coinbase CEO Brian Armstrong had stated that he believes Bitcoin could reach $1 million before 2030.
Related: As adoption expands, wealthy Asian investors allocate 5% of their portfolios to cryptocurrency.
Original: “Bitcoin ETF Faces Five Consecutive Declines, Pomp Says BTC is Oversold”
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