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Tom Lee, Head of Research at Fundstrat Capital and full-time contributor to CNBC's Fast Money, He visited CNBC To talk to them about Bitcoin and its prospects in the near future.
Lee revealed two price levels at which Bitcoin could fall from the current level of $96,590, where it rose after reaching $90,700 on Monday. In December, Bitcoin reached an ATH of $108,268.
Bitcoin may reach $50,000 before it rises again: Tom Lee
While answering questions about how far Bitcoin could fall from $90,700, the Fundstrat expert said that Bitcoin is currently down a “perfect 15%” from recent price peaks, describing what is happening now as a “very natural correction” to a very high price. Volatile assets. He noted that Bitcoin tracks global liquidity slightly.
However, according to Lee, the market is still very early in Bitcoin's current halving cycle. Therefore, he assumes that in the near term, Bitcoin may fall to $70,000. This view is also shared by Fundstrat's technical analyst, Lee added. If that happens, the market will have a “bigger opportunity” to buy the dip because Bitcoin will be “one of the best-performing assets” this year, Lee said.
However, Lee posited that in theory, Bitcoin could fall even lower and reach the $50,000 region. But this will be the price line from which it will push to start rising again.
However, as Bitcoin fell, Michael Saylor's company MicroStrategy made another purchase. $243 million purchase Bitcoin value. Now, the company owns 450,000 Bitcoin.
Related to
Bitcoin recovers after 5.47% decline
The major cryptocurrency is finally starting to recover after its free fall since last Tuesday, when Bitcoin came quite close to the $103,000 level. By last Thursday, Bitcoin had collapsed more than 11%, reaching $91,290. After recovering 5.1% and reaching the $95,945 price level, Bitcoin fell, falling back below $90,000 briefly.
Today, bulls are putting pressure on Bitcoin, pushing the price to $97,270. At the time of this writing, BTC is trading at $96,500 per coin. However, Max Keiser, a Bitcoin proponent, tweeted on Monday that despite the price decline, the Bitcoin network has reached new highs in terms of power and stability with hash rate and mining difficulty rising to new record highs.
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