Anthony Scaramucci calls Bitcoin ‘technically oversold’

Anthony Scaramucci says Bitcoin is 'technically oversold' amid rising wallet activity.

The first cryptocurrency is ‘technically oversold’ when looking at the current price in the context of exponential growth in wallet activity and the expanding number of use cases. This was stated by SkyBridge Capital head Anthony Scaramucci, CoinDesk reports.

The hedge fund manager advised investors to evaluate Bitcoin in retrospect. Under such an approach the asset would be ‘very cheap due to excessive leverage, which should be exploited’.

Scaramucci took a philosophical stance toward the Terra collapse, which he supported, as well as the liquidity problems at Three Arrows Capital.

“I have seen such mistakes being made several times”, he explained.

According to the financier, in periods of ‘crazy money’, when new industries or technologies are formed, young players in the sector tend to lose their grip on reality.

Earlier in May, Scaramucci advised crypto investors to ‘stick to quality assets’.

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