Crypto veteran Bobby Lee says Bitcoin (BTC) is liable to a far deeper correction, warning the flagship crypto is “very probably” to interrupt under key help 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 stage as a serious liquidation zone, the place one other swath of leveraged lengthy positions may very well be compelled out of the market.
“I believe very probably within the subsequent few weeks it’s going to breach under $60,000 and possibly help stage 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 closing backside may come if Bitcoin falls 80% from its peak, probably into the $20,000 vary.
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