Bitcoin just dropped to a three-month low of $65,000, falling 13.5% over the past week.
The slide started after US markets closed on November 13 and is mainly because investors who bought in above $80,000 (thanks to FOMO) are now selling off.
James Check calls Bitcoin 4th capitulation
Analyst James Check calls this the fourth capitulation event since Bitcoin's all-time high.
He points out that many people waited on the sidelines when prices were steady earlier this year but rushed in during September's surge. Now they're exiting fast.
Bitcoin has entered what Check calls a "deep value" zone, similar to past downturns where patient buyers often saw solid gains when things bounced back.
As he puts it, those who begin legging in will eventually find themselves in profit.