Bitcoin Price fell below $47,000 on May 15, after which $40,000 became a realistic target. On May 18, it surpassed that price. The price of bitcoin then plummeted below $32,000 over the weekend, as sentiment was rocked again by China. It has recovered by nearly 20% from its low in May, well above the $30,000 mark. Even if Bitcoin’s poor environmental profile has damaged the argument that the token will attract more mainstream investment, others see the weekend’s calm as a hint that values may recover.
According to Wall Street research firm Fundstrat, Bitcoin could be on course to return to $50,000 despite experiencing its third-largest monthly decline in history. The world’s most popular cryptocurrency is forming an inverse head and shoulders bottom pattern.
The fact that Bitcoin is continuing to record lower highs, according to Tom Lee of Fundstrat, is actually a “good indicator.”
Tom Lee, co-founder and managing partner of Fundstrat Global Advisors, believes that things will alter dramatically this year. During an interview, Lee stated that the current issues with the crypto market may have stemmed from people’s need for cash, which is a situation that occurs in every market, including the stock market.
Will Bitcoin Price Reach $100k ?
BTC’s current slump, according to Tom Lee, will not prevent it from rebounding and reaching $100k before the end of the year.
“Again, even though bitcoin is in the penalty box now, I still think it could exit the year over $100,000,”
Following Elon Musk’s unexpected reversal, he believes bitcoin bulls will not change their minds about cryptocurrency. Lee raised his bitcoin price target to $100,000 by the end of the year.
Although Bitcoin has plunged dramatically from its recent highs, the cryptocurrency is still in its recovery mode and is currently trading at $36,616.9.