The co-founder and head of analysis at Fundstrat International Advisors says Bitcoin (BTC) must crash out a bit more durable earlier than bouncing again in an enormous method.
In a brand new interview with CNBC, Tom Lee makes his case for why he thinks BTC will probably be a top-performing asset this yr after it falls a bit additional.
“Bitcoin is down roughly 15% from its highs, which for a hyper-volatile asset is a standard correction and follows international liquidity developments. We’re early within the halving cycle.”
In keeping with Lee, Fundstrat’s crypto technicians assume the crypto king could drop one other $20,000 in worth earlier than correcting.
“Our technician thinks $70,000 is the place we make a stand. I feel Bitcoin is without doubt one of the best-performing belongings. When requested whether or not it’s going to drop to $70,000 or if that’s the ground, the response was that $70,000 is one stage of retracement, the place Bitcoin may pull again from a rally.”
Nonetheless, in keeping with Lee, BTC may probably drop even decrease.
“It may go as little as the $50,000 [range], however that wouldn’t be a brand new stage; it’s the place it touches earlier than starting to rally once more. For these contemplating shopping for Bitcoin at these costs, the suggestion is that Bitcoin is a long-term funding. In the event that they’re attempting to time the market, they may get fortunate and it may attain $70,000.”
Bitcoin is price $91,731 at time of writing, down 10% through the week.
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