Tom Lee’s Fundstrat Shares Warning for Bitcoin Dip Buyers, Claims Another Sell Is Likely
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Tom Lee’s Fundstrat Global Advisors told CNBC that he is expecting another big bitcoin sale in the near future.
The New York-based independent research boutique believes this will be the final “washout” before more shopping opportunities emerge.
Fundstrat believes that the largest cryptocurrency could briefly slide below June lows.
The price of bitcoin fell to $17,592 on June 18, marking the cryptocurrency’s lowest price point since December 2020. Although this marked at least a short-term bottom, the bulls managed to pull off only a modest recovery.
Earlier today, the top cryptocurrency once again declined below the crucial $20,000 level.As U.Today reported, Troy Gesch, chief market strategist at FS Investments, recently predicted that risky assets like bitcoin could be too low if the head gets serious about shrinking balance sheets.
Lee, a well known Permabull, has a history of very inaccurate price predictions. In December, he insisted that bitcoin could still reach $200,000 in a CNBC interview, despite missing the 2021 target.
In April, Lee said that bitcoin was not “speculative” enough.