According to prominent crypto analyst Vetle Lunde, Bitcoin (BTC), the world’s largest cryptocurrency, might be presenting a massive buying opportunity despite the cryptocurrency market crash. He’s calling on investors to remain calm amid another significant drop for the world's largest cryptocurrency.

On X, Lunde recently shared some technical indicators suggesting the possibility of a major Bitcoin turnaround after weeks of massive selling.

“This is a great place to buy BTC,” Lunde said.

Among the indicators Lunde considers is the fact that BTC has returned to its 200-week moving average (MA). This is a long-term technical indicator widely tracked by crypto traders. It’s used to identify potential market bottoms.

According to Lunde, the daily Relative Strength Index (RSI) for Bitcoin has fallen to 25, which shows that the market has become oversold.

Whenever the RSI goes below 30, it suggests that the asset has been oversold, experiencing heavy selling pressure. It doesn’t necessarily mean that the price will reverse higher.

Lunde also noted that Bitcoin has experienced the fifth-largest wave of exchange-traded fund (ETF) outflows on record. There’s also been a large reduction in leverage on Bitcoin ETFs.

Exposure to 2x leveraged ETFs has now reached a level not seen in the last 2.5 years. That’s a massive reduction in leverage on the asset. “So, speculative stuff is off,” Lunde said.

“Don’t press the red panic button!” Lunde added.

Lunde's bullish take comes as Bitcoin suffered yet another devastating sell-off on Friday, Nov. 13. The price of Bitcoin dropped below the psychologically significant $70,000 level for the first time since August.

BTC dropped as low as $67,770, marking its lowest price in the last 12 weeks. The cryptocurrency’s prolonged decline continues.

The number one cryptocurrency has now lost more than 21% from its late September highs. The recent correction has been immense.

Grayscale analyst sees massive buying opportunity for Bitcoin

In the meantime, another bullish voice on Bitcoin's potential comes from Zach Pandl, head of research at Grayscale. He believes that Bitcoin is in a much better position than it was earlier in the year.

“Bitcoin IMO is in a much different place than earlier this year,” Pandl wrote on X.

According to him, the key difference is the balance sheet of Michael Saylor’s Strategy, which is the world’s largest corporate holder of Bitcoin.

Peter Schiff gives new Bitcoin warning

However, Peter Schiff, the prominent Bitcoin critic and gold advocate, has a different view on the matter. He thinks that Strategy's financial obligations could create significant selling pressure.

In his latest post on X, Schiff suggested that a further drop in Bitcoin's price could prompt holders of Strategy's STRC preferred stock to consider trimming their positions.

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