Bitcoin (BTC) needs to crash more forcefully before it bounces back significantly, says the co-founder and head of research at Fundstrat Global Advisors.
In a new interview with CNBC, Tom Lee He makes his case Why he thinks BTC will be the best performing asset this year after falling slightly.
“Bitcoin is down about 15% from its highs, which is a normal correction for highly volatile assets and follows global liquidity trends. We are early in the halving cycle.”
According to Lee, crypto technicians at Fundstrat believe the crypto king could fall another $20,000 before a correction.
“Our technician thinks $70,000 is where we take a position. I think Bitcoin is one of the best performing assets. When asked if it will drop to $70,000 or if that is the lower bound, the response was that $70,000 “It is one of the retracement levels, where Bitcoin may pull back from the rally.”
However, according to Lee, Bitcoin will likely fall to a lower level.
“It could be up to $50,000 [range]But this will not be a new level; It’s the place it touches before it starts to come together again. For those considering buying Bitcoin at these prices, the suggestion is that Bitcoin is a long-term investment. If they were trying to time the market, they might get lucky and the price could reach $70,000.
Bitcoin is worth $91,731 at the time of writing, down 10% over the week.
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