Bitcoin may hit a bottom sometime this week, according to Bitmine Chairman Tom Lee and Bitwise Asset Management Chief Investment Officer Matt Hougan, as Bitcoin dropped below $90,000, its lowest price in seven months.
In an interview on Monday with CNBC, Lee said Crypto suffers after Big Liquidation Event on October 10and traders are still nervous about whether the US Federal Reserve will cut rates in December.
“I think everything is creating this downside pressure. But I think the good news is that there are signs of fatigue. I talked to Tom Demar of Demar Analytics, and he thinks there are signs that there will be a bottom that could happen sometime this week,” Lee said.
Bitcoin (BTC) briefly fell under $90,000 on Tuesday, according to At Coingecko, a price last seen in April.
Earlier this week, Crypto executives told Cointelegraph That recent weakness in cryptocurrency markets is due to a combination of factors, including outflows from exchange-traded funds, long-term whale sales, and rising geopolitical tensions.
Generational opportunity for long-term BTC investors
Hougan agreed that a bottom will come in soon and also added that current price levels present a “generic opportunity” and a “gift for long-term investors.”
He also teaches entrepreneurs who are nervous about the economy, artificial intelligence values, and US President Donald Trump’s tariffs as possible causes of market pain.
“I think we’re near the bottom. I look at this as a great buying opportunity for long-term investors. Bitcoin is the first thing to turn before the broader market pullback. It’s kind of the canary in the coal coal sign that there’s some risk in all kinds of assets-on assets,” Hougan said.
“I think it’s going to be the first thing down the line and I agree with Tom. We’re getting close to that point. So, I think it’s an exciting opportunity again for people looking a year or so into the future.”
Bitmine’s Lee Predicts Bitcoin New High by Year End
Bitcoin is currently trading at $90,718, and is down 28% from its all-time high of over $126,000, which it reached on October 6.
Related: Ethereum starting ‘same supercycle’ as bitcoin: Bitmine’s Tom Lee
However, Lee predicts That bitcoin will make up for all that lost ground and record another new all-time high when a rally in the stock market takes it higher next year.
“Between now and the end of the year, you know, I’m pretty bullish on stocks. You know, this kind of weakness in the first half of November is what we expect, but as the markets rally, I think that will help push Bitcoin to an all-time high.”
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