Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Tom Lee's Fundstrat Global Advisors told CNBC that it is expecting another major Bitcoin sell-off to take place in the near future.
The New York-based independent research boutique believes that this will be the final "washout" before more buying opportunities emerge.
Fundstrat believes that the largest cryptocurrency could briefly drop below its June low.
The Bitcoin price plunged to as low as $17,592 on June 18, which marked the cryptocurrency's lowest price point since December 2020. While this marked at least a short-term bottom, bulls only managed to pull off a modest recovery.
Gamza KhanzadaevAs reported by U.Today, FS Investments Chief Market Strategist Troy Gayesk recently predicted that risk assets such as Bitcoin might head much lower if the head gets serious about shrinking the balance sheet.
Lee, a well-known permabull, has a history of terribly wrong price predictions. In December, he insisted that Bitcoin could still hit $200,000 in a CNBC interview despite missing his 2021 target.
In April, Lee opined that Bitcoin was not "speculative" enough.
Denys Serhiichuk
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin