The co-founder and head of research at Fundstrat Global Advisors has shared his downside price target for Bitcoin (BTC) by the end of the month.
In a recent interview on the RiskReversal Media YouTube channel, Tom Lee from Fundstrat warns investors that Bitcoin and other top altcoins may face market turbulence.
Lee predicts that Bitcoin could potentially drop by 34% by the end of March. Despite this short-term bearish outlook, Lee remains optimistic about the long-term prospects of the leading cryptocurrency.
“Our technical strategist Mark Newton’s analysis indicates downside targets for Solana, Ethereum, and Bitcoin. He has been bearish since mid-January, and his downside target for Bitcoin is $62,000 by the end of March.
However, is $62,000 a reason to be bearish on Bitcoin? While it may impact traders, considering Bitcoin was only $100 a decade ago, $60,000 still represents significant growth. Bitcoin’s utility continues to improve, and it remains a risk-on asset susceptible to market fluctuations.
Nevertheless, trust in Bitcoin is expected to grow over the next five years, with increasing recognition as a store of value like gold. The potential for more people to own Bitcoin is also significant.
Overall, I am not bearish on Bitcoin, but in the short term, predicting its price movement is challenging.
Bitcoin is currently trading at $93,287, marking a 9.4% increase in the last 24 hours.
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