Bitcoin News: After reaching an all-time high of around $ 65,000, Bitcoin has halved this month, with declines. BTC is currently trying to recover.
Bitcoin took a big hit in the last crash
Tesla’s decision to suspend Bitcoin payments and the company’s CEO Elon Musk tweeted against Bitcoin’s power consumption while supporting Dogecoin increased the pressure.
As a result, the value of BTC has dropped to the range of $ 30,000 to $ 40,000. BTC is currently worth $ 37.6k. Despite this tension, Tom Lee believes Bitcoin is still close to reaching $ 100,000 this year.
While Bitcoin and crypto markets have seen a huge drop over the past week, Tom Lee, Co-Founder and Managing Partner of Fundstrat Global Advisors, says things could change drastically over the year.
During an interview, Lee said that current problems with the crypto market may have been caused by people’s need to collect cash, and this is happening in every market including the stock market.
Is the target of BTC 100 thousand dollars?
However, according to Lee, this does not make cryptocurrencies like Bitcoin unattractive digital assets. Lee pointed to the fact that stocks did not underperform bonds over a 20-year period.
In this case, as the Bitcoin market is even more dynamic, investors do not need to hold BTC for longer than 24 months to avoid losing any money. This is especially evident from the volatility of the crypto market.
In Tom Lee’s view, Bitcoin is an extremely volatile asset, just like the rest of the market.
This makes the current downfall an issue that cannot be alarmed. Because this variable nature is a rewarding issue for investors when the price rises.
In this case, Tom Lee thinks that the current collapse of BTC will not prevent it from rising again to $ 100,000 by the end of the year.