1 day ago
The consolidation betwixt $90,000 and $100,000 for bitcoin (BTC), continues to play with capitalist sentiment, swinging from fearfulness to greed.
On Monday, bitcoin fell beneath $90,000, portion it is supra $96,500 connected Tuesday, up implicit 8% . Bitcoin bull Tom Lee, caput of probe astatine Fundstrat, told CNBC connected Monday that helium sees this existent correction successful bitcoin arsenic normal.
"Bitcoin is down 15% from its highs for a volatile asset, which is simply a mean correction," helium said.
Glassnode information shows that bitcoin successful this existent rhythm has seen comparatively mild drawdowns of astir 15%-20%, overmuch smaller than erstwhile bull marketplace drawdowns, which saw arsenic overmuch arsenic 30%-50% drawdowns, showing the plus is becoming much mature.
According to Lee, $70,000 is simply a enactment successful the sand, which is simply a beardown enactment level. They notation to a methodology called Fibonacci levels, oregon retracement periods, fundamentally wherever bitcoin pulls backmost from wherever it started its rally. Lee besides believes the $50,000 level tin beryllium tested if the anterior $70,000 levels bash not hold. Common Fibonacci levels from the all-time precocious that analysts look for are 23.6%, 38.2%, 50% and 61.8%
Despite a short-term correction, Lee inactive thinks bitcoin volition beryllium 1 of the standout assets for 2025 and remains bullish connected end-of-year targets of $200,000 to $250,000.
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