BitMine Chairman Tom Lee warns that Bitcoin remains highly volatile, and under certain circumstances, its market value could shrink by half.
In an interview on Thursday with crypto industry entrepreneur Anthony Pompliano, Tom Lee stated, "I am confident that a 50% pullback will occur."
In recent years, an increasing number of market participants believe that with the introduction of Bitcoin spot ETFs and the involvement of institutional investors, the market will become more stable, and Bitcoin's volatility will decrease.
However, Tom Lee noted that Bitcoin still closely follows the stock market trends and often amplifies the stock market's volatility.
He mentioned that the stock market more frequently experiences a 25% pullback, adding that over the past six years, while the stock market has made significant progress, it has also experienced an unusually high number of 25% pullbacks.
"So, if the S&P index drops by 20%, Bitcoin could drop by 40%."
Tom Lee also believes that Bitcoin has broken through the typical four-year cycle, which was originally expected to peak in October, but he pointed out that it is currently moving towards a "longer cycle."
Earlier this month on the Bankless podcast, Tom Lee again predicted that Bitcoin would rise to between $200,000 and $250,000 by the end of the year.
If it pulls back 50% from that level, the BTC price would drop to around $125,000, close to the current historical high.
According to the latest data from CoinMarketCap, Bitcoin's current price is $109,981, and if it drops by 50%, it would fall to about $54,990, a price not seen since September 2024.
Recently, not only has Tom Lee made such bearish predictions, but veteran trader Peter Brandt has also expressed similar views.
Recently, Peter Brandt stated that the Bitcoin price chart is very similar to the trajectory of the soybean market before its crash in the 1970s. At that time, soybean prices subsequently plummeted by 50%.
Similar significant declines have also occurred in the Bitcoin market in the previous months. In November 2021, Bitcoin reached an all-time high of $69,000, and then plummeted by about 50% within three months, to around $35,000 by the end of January 2022.
Other Bitcoin supporters believe that future declines will not be as severe.
In June, Strategic Chairman Michael Saylor stated, "The Bitcoin market will not experience another winter."
Related: Bulls dominate as Bitcoin (BTC) options open interest surges to $63 billion
Original article: “BitMine CEO Tom Lee says Bitcoin (BTC) still faces a 50% crash despite Wall Street's favor”
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