Bitcoin may have shed 20% of its value over the last week, but that isn’t stopping Fundstrat’s Tom Lee from predicting a $100,000 price point.
Bitcoin has experienced some major fluctuations during its meteoric rise. The cryptocurrency passed $58,000 this weekend, before dropping back down to $48,700 at the time of writing. The drop coincides with Elon Musk tweeting that Bitcoin’s price seemed high.
That said, BTC & ETH do seem high lol
— Elon Musk (@elonmusk) February 20, 2021
Despite the drop however, Tom Lee says investors shouldn’t be worried, as corrections are part of Bitcoin’s DNA. Lee also believes the cryptocurrency could reach as high as $100,000.
#bitcoin prone to corrections of 40%-50%
– part of its DNA and its history
– doesn’t change fair value per @David_Grid network value model#bitcoin target $100,000
– looks on sale, right?$SI $MOGO $MSTR— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) February 23, 2021
If Lee is right, Bitcoin’s latest correction represents a significant buying opportunity.