Tom Lee, co-founder of Fundstrat International Advisors, recognized for his daring predictions for Bitcoin (BTC), spoke out after the sharp decline.
Talking to CNBC, Tom Lee stated he predicts Bitcoin can be weak within the brief time period and powerful in the long run.
The legendary determine stated that Bitcoin is ready to be one of many best-performing belongings this yr 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 robust shopping for alternative.
“I nonetheless suppose Bitcoin can be probably the greatest performing asset courses this yr.
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 because of the market liquidation that occurred over the weekend.
So I’d 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.
