The co-founder and head of analysis at Fundstrat World Advisors is revealing his draw back value goal for Bitcoin (BTC) for the top of the month.
In a brand new interview on the RiskReversal Media YouTube channel, Fundstrat’s Tom Lee warns traders that the highest crypto asset by market cap and different prime altcoins received’t be resistant to market turbulence.
Based on Lee, the flagship digital asset might lose about 34% of its worth by the top of March. Whereas Lee is short-term bearish on BTC, he believes that the massive image continues to be bullish for the crypto king.
“The work by our technical strategist Mark Newton [shows] Solana, Ethereum, and Bitcoin all have downsides. He has been bearish since mid-January so I believe it’s been right and his draw back goal for Bitcoin is $62,000 by the top of March.
However to me, is $62,000 a motive to show bearish on Bitcoin? I imply in the event you’re buying and selling it, yeah, however Bitcoin was $100 10 years in the past so $60,000 continues to be a incredible return and I believe Bitcoin’s usefulness continues to be bettering. It’s nonetheless a danger on asset so I don’t count on it to do effectively if the market is being hit by tariffs.
It’s not resistant to that form of turbulence, however is the belief round Bitcoin going to develop over the following 5 years? Sure, and is it going to be more and more seen as a retailer of worth like gold? Sure, I believe more and more.
After which is there room for lots extra individuals to personal it? Sure.
I’m probably not bearish on it however I believe within the close to time period it’s laborious to say it ought to go up.”
Bitcoin is buying and selling for $93,287 at time of writing, a 9.4% enhance over the past 24 hours.
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