The U.S. spot Bitcoin ETF has experienced the longest outflow period in over four months; however, crypto entrepreneur Anthony Pompliano suggests that Bitcoin's price may be oversold.
In the past five trading days, the spot Bitcoin ETF has seen an outflow of about $1.17 billion, marking the longest outflow period since April. At that time, Bitcoin was trading close to $79,625.
However, Pompliano noted on CNBC that Bitcoin may currently be undervalued, with the price at $112,870.
Pompliano claims that Bitcoin has entered an active buying phase.
Pompliano stated, "The price is currently around $112,113,000, which is clearly oversold," suggesting that this could be a signal for a price increase as we enter September and October.
Pompliano also mentioned that people tend to be more active in September, unlike in August, leading to increased buying activity.
Nevertheless, Bitcoin had just reached an all-time high of $124,128 on August 14.
Since 2013, the third quarter has typically been the worst performing quarter for Bitcoin, with an average return of only 6.02%, while the fourth quarter has an average gain of 85.42%.
While Pompliano expects an improvement in Bitcoin by the end of the year, he does not believe the price will reach $1 million in this cycle, although it is possible in the future.
