Bitcoin’s price has been fluctuating, recently dropping below $90,000 before rebounding to over $96,500, an increase of more than 8%. Tom Lee, Fundstrat’s head of research, views this 15% dip from its peak as a normal correction for a volatile asset like bitcoin. Glassnode data indicates that in this cycle, bitcoin’s drawdowns have been relatively mild, ranging from 15% to 20%, compared to previous bull markets where drops could reach 30% to 50%. Lee identifies $70,000 as a critical support level, with potential further declines to $50,000 if this level fails. He uses Fibonacci retracement levels to predict these corrections, with common levels at 23.6%, 38.2%, 50%, and 61.8%. Despite these short-term fluctuations, Lee remains optimistic, forecasting bitcoin could reach between $200,000 and $250,000 by year-end.
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