Crypto veteran Bobby Lee says Bitcoin (BTC) is susceptible to a far deeper correction, warning the flagship crypto is “very doubtless” to interrupt under key assist within the coming weeks.
In a brand new interview with Bloomberg Tv, the Ballet CEO says Bitcoin’s current volatility has been pushed largely by leveraged buying and selling throughout spot, futures and choices markets, somewhat than long-term funding flows.
Lee factors to the $60,000 degree as a significant liquidation zone, the place one other swath of leveraged lengthy positions may very well be pressured out of the market.
“I believe very doubtless within the subsequent few weeks it’s going to breach under $60,000 and doubtless assist degree of round $50,000, $55,000 – and for the remainder of the 12 months may go decrease, too.”
Lee says BTC has clearly entered bear market territory after topping close to $126,000 a number of months in the past, noting that long-position holders “are going to be in for ache within the quick time period.”
Regardless of the near-term warning, Lee stays structurally bullish on Bitcoin’s long-term prospects as a fixed-supply retailer of worth.
When requested what true capitulation would seem like, Lee says a last backside may come if Bitcoin falls 80% from its peak, probably into the $20,000 vary.
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