PK Press Club – Tom Lee, head of research at Fundstrat Capital and full-time contributor to CNBC’s Fast Money, visited CNBC to talk about his prospects for the near future.
Lee revealed two price levels to which Bitcoin could fall from the current $96,590, where it surged after hitting $90,700 on Monday. In December, Bitcoin reached an ATH of $108,268.
Bitcoin Could Hit $50,000 Before Rebounding: Tom Lee
While answering questions about Bitcoin’s possible decline from $90,700, the Fundstrat expert said that currently, Bitcoin is down a “perfect 15%” from its recent price highs, calling what is currently happening is a “fairly normal correction” for a very high price. volatile asset. Bitcoin tracks global liquidity slightly, he pointed out.
However, according to Lee, the market is still at the beginning of the current Bitcoin halving cycle. Therefore, he assumes that in the short term, BTC could drop to $70,000. This opinion is also shared by Fundstrat’s technical analyst, Lee added. If that happens, Lee said, the market would have “a greater opportunity” to buy the dip since Bitcoin will be “one of the best performing assets” this year, according to Lee.
However, Lee speculated that, theoretically, Bitcoin could fall even lower and touch the $50,000 zone. But this would be the price line from which it would push to start rallying again.
Yet as Bitcoin fell, Michael Saylor’s MicroStrategy made another purchase, purchasing $243 million worth of BTC. Today, the company holds 450,000 Bitcoins.
Bitcoin recovers after 5.47% fall
The flagship cryptocurrency has finally started to recover after being in free fall since last Tuesday, when Bitcoin approached the $103,000 level. As of Thursday, Bitcoin had crashed more than 11%, reaching $91,290. After recovering 5.1% and reaching the $95,945 price level, Bitcoin plunged, briefly dropping back below $90,000.
Today, the bulls put pressure on Bitcoin, propelling the price up to $97,270. As of this writing, BTC is changing hands at $96,500 per coin. Yet Bitcoin maximalist Max Keizer tweeted Monday that despite falling prices, the Bitcoin network has reached new heights in strength and stability as hashrate and mining difficulty have reached new record highs .
