K33 Research Warns 'Following the Crowd Leads to Errors', Points to Potential Long-Term Improvements for Bitcoin

Analyzing Market Structure

Betle Lunde, the head of research at cryptocurrency research firm K33, in a report released on March 4, warned that 'following the crowd leads to errors.' He reported that Bitcoin (BTC) is in an unusual downtrend, with six consecutive weekly declines and five months of continuous fall, reaching the third lowest oversold level in its history with a weekly RSI of 26.84.

Extreme bearish sentiment is also observed in the derivatives market. The 30-day average funding rate for perpetual futures has turned negative for the tenth time since 2018...