Tom Lee, co-founder of Fundstrat Global Advisors, known for his bold predictions for Bitcoin (BTC), spoke out after the sharp decline.
Speaking to CNBC, Tom Lee said he predicts Bitcoin will be weak in the short term and strong in the long term.
The legendary figure said that Bitcoin is set to be one of the best-performing assets this year but faces short-term challenges.
Noting that every dip in Bitcoin presents a buying opportunity, Lee warned that Bitcoin could fall to as low as $70,000 in February before recovering, and that if this scenario plays out, it could present a strong buying opportunity.
“I still think Bitcoin will be one of the best performing asset classes this year.
However, I think there is still an argument that BTC is a risky asset in the short term. I think the recent decline in Bitcoin was due to the market liquidation that occurred over the weekend.
So I would say February doesn't look good for Bitcoin in the near term and it could drop to $70,000.”
*This is not investment advice.
