Crypto veteran Bobby Lee says Bitcoin (BTC) is liable to a far deeper correction, warning the flagship crypto is “very possible” to interrupt beneath key help within the coming weeks.
In a brand new interview with Bloomberg Tv, the Ballet CEO says Bitcoin’s latest volatility has been pushed largely by leveraged buying and selling throughout spot, futures and choices markets, moderately than long-term funding flows.
Lee factors to the $60,000 stage as a significant liquidation zone, the place one other swath of leveraged lengthy positions could possibly be compelled out of the market.
“I feel very possible within the subsequent few weeks it is going to breach beneath $60,000 and possibly help stage of round $50,000, $55,000 – and for the remainder of the yr might 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 brief 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 appear to be, Lee says a ultimate backside might come if Bitcoin falls 80% from its peak, probably into the $20,000 vary.
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