Tom Lee, co-founder of Fundstrat International 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 ready to be one of many best-performing property this yr however faces short-term challenges.
Noting that each dip in Bitcoin presents a shopping for alternative, Lee warned that Bitcoin may fall to as little as $70,000 in February earlier than recovering, and that if this situation performs out, it may current a robust shopping for alternative.
“I nonetheless assume Bitcoin can be top-of-the-line performing asset courses this yr.
Nevertheless, I feel there’s nonetheless an argument that BTC is a dangerous asset within the brief time period. I feel the latest 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 may drop to $70,000.”
*This isn’t funding recommendation.
