Bitcoin (BTC) has retained two of its most famous supporters, but one has significantly cooled its BTC price forecast.
in one Interview With CNBC on June 9, Tom Lee, co-founder of independent research firm Fundstrat, revealed that he was unsure whether BTC/USD would end the year above its opening price.
Lee suggests the market is “already down”
Bitcoin price forecasts for 2022 have turned lower as macro pressure coupled with black swan events such as the Terra Luna implosion send sentiment to record highs.
While many argue that there will be a capitulation event in the coming months to send BTC/USD to $20,000 or less, Lee believes the underlying strength is now worth noting.
“It’s a risk asset, so I think to the extent of the Nasdaq and bitcoin rally, it’s helping us become more comfortable that the market is already down,” he told CNBC’s CB Overtime segment.
At the same time, Lee brushed off the Terra debacle and redundancies at major crypto companies, including the United States exchange Coinbase, saying that bitcoin was “doing a lot better than people expected.”
When asked what led BTC price action in early 2023 – even if the gains were in correlated stock markets – the response was less optimistic.
“I think bitcoin is going to be flat for the year, possibly up,” he concluded.
Lee was previously noted for his bullish stance on bitcoin, of which $200,000 was predicted for 2022, shortly after the latest high of $69,000 last November.
Saylor on BTC: “If It’s Not Going To Zero, It’s Going To A Million”
Meanwhile, Microstrategy CEO Michael Sayler was unexpectedly bullish, vehemently dismissing any suggestion of a permanent price drop in his remarks to the mainstream media.
RELATED: BTC Price Rises 4% Ex-Fed As Microstrategy Vows To Protect Bitcoin From $21K Crash
Those who claimed that bitcoin would be banned or nullified Told CNBC had already “discredited” on June 8.
“If the denialists are wrong and the skeptics are wrong—and it’s pretty clear they’re both wrong at this point—it’s not going to zero, and if it’s not going to zero, it’s a million.” going up,” forecasters Sailor.
While nothing new, Saylor is “moving very fast from here” with a downbeat perspective on riskier assets across the board in the new era of central bank monetary tightening.
As Cointelegraph reported, some believe it will take time for the next block subsidy halving in 2024 to enter a meaningful price recovery.
Meanwhile, Sayer said that “time to market” doesn’t make sense when it comes to buying more BTC for its existing reserves.
“We’re doing the equivalent of an average dollar cost for a large corporation,” he explained.
“We are not trying to time the market; I think all the data on the S&P and bitcoin index shows that you can’t time the market. We are reinvesting free cash flow into the market as circumstances permit.”
At the time of writing June 9, BTC/USD was trading at around $30,500, according to data from Cointelegraph Markets Pro and TradingView.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, so you should do your own research when making a decision.
