Tom Lee, co-founder of Fundstrat World Advisors, identified for his daring predictions for Bitcoin (BTC), spoke out after the sharp decline.
Talking to CNBC, Tom Lee mentioned he predicts Bitcoin can be weak within the brief time period and powerful in the long run.
The legendary determine mentioned that Bitcoin is about to be one of many best-performing property this 12 months however faces short-term challenges.
Noting that each dip in Bitcoin presents a shopping for alternative, Lee warned that Bitcoin might fall to as little as $70,000 in February earlier than recovering, and that if this state of affairs performs out, it might current a powerful shopping for alternative.
“I nonetheless assume Bitcoin can be the most effective performing asset lessons this 12 months.
Nonetheless, I believe there may be nonetheless an argument that BTC is a dangerous asset within the brief time period. I believe the current decline in Bitcoin was as a result of market liquidation that occurred over the weekend.
So I might say February would not look good for Bitcoin within the close to time period and it might drop to $70,000.”
*This isn’t funding recommendation.
