Crypto veteran Bobby Lee says Bitcoin (BTC) is at risk of a far deeper correction, warning the flagship crypto is “very likely” to break below key support in the coming weeks.
In a new interview with Bloomberg Television, the Ballet CEO says Bitcoin’s recent volatility has been driven largely by leveraged trading across spot, futures and options markets, rather than long-term investment flows.
Lee points to the $60,000 level as a major liquidation zone, where another swath of leveraged long positions could be forced out of the market.
“I think very likely in the next few weeks it will breach below $60,000 and probably support level of around $50,000, $55,000 – and for the rest of the year could go lower, too.”
Lee says BTC has clearly entered bear market territory after topping near $126,000 several months ago, noting that long-position holders “are going to be in for pain in the short term.”
Despite the near-term warning, Lee remains structurally bullish on Bitcoin’s long-term prospects as a fixed-supply store of value.
When asked what true capitulation would look like, Lee says a final bottom could come if Bitcoin falls 80% from its peak, potentially into the $20,000 range.
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The post Crypto Veteran Bobby Lee Issues Brutal Bitcoin Warning, Says BTC ‘Very Likely’ To Crash Below $50,000 appeared first on The Daily Hodl.
Crypto veteran Bobby Lee says Bitcoin (BTC) is at risk of a far deeper correction, warning the flagship crypto is “very likely” to break below key support in the coming weeks. In a new interview with Bloomberg Television, the Ballet CEO says Bitcoin’s recent volatility has been driven largely by leveraged trading across spot, futures
The post Crypto Veteran Bobby Lee Issues Brutal Bitcoin Warning, Says BTC ‘Very Likely’ To Crash Below $50,000 appeared first on The Daily Hodl. Bitcoin, analysis, BTC, Crypto, News, Price
This articles is written by : Nermeen Nabil Khear Abdelmalak
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