- June 5, 2021
- Posted by: Adrian Zmudzinski
- Category: Featured
Bitcoin (CRYPTO: BTC) has probably bottomed out, according to co-founder of a cryptocurrency research firm Fundstrat Global Advisors LLC, Tom Lee.
What Happened: According to a Wednesday Fortune report, Lee pointed out that Bitcoin’s price rose over $2,000 over the weekend “despite another set of negative headlines.”
“I can’t help but view this as reinforcing the likelihood Bitcoin has bottomed, given bad news is not creating new lows,” Lee said.
According to Fundstrat’s Managing Partner, Bitcoin’s price will exceed $125,000 before the end of the year, and the price exceeding $40,000 again will be a confirmation that this year’s bottom is in.
Read also: Elon Musk’s Influence On Crypto Might Be Fading Away, Analysts Suggest
Head of research at Pepperstone Financial Pty Chris Weston said that “crypto is a tough gig” and suggested that “Bitcoin could easily break hard one way or the other.”
Price Action: According to CoinMarketCap data, Bitcoin’s price went down by over 6% in the past 24-hours and was trading at $37,221 at press time.