The co-founder and head of research at Fundstrat Global Advisors is revealing his downside price target for Bitcoin (BTC) for the end of the month.
In a new interview on the RiskReversal Media YouTube channel, Fundstrat’s Tom Lee warns investors that the top crypto asset by market cap and other top altcoins won’t be immune to market turbulence.
According to Lee, the flagship digital asset could lose about 34% of its value by the end of March. While Lee is short-term bearish on BTC, he believes that the big picture is still bullish for the crypto king.
“The work by our technical strategist Mark Newton [shows] Solana, Ethereum, and Bitcoin all have downsides. He has been bearish since mid-January so I think it’s been correct and his downside target for Bitcoin is $62,000 by the end of March.
But to me, is $62,000 a reason to turn bearish on Bitcoin? I mean if you’re trading it, yeah, but Bitcoin was $100 10 years ago so $60,000 is still a fantastic return and I think Bitcoin’s usefulness is still improving. It’s still a risk on asset so I don’t expect it to do well if the market is being hit by tariffs.
It’s not immune to that kind of turbulence, but is the trust around Bitcoin going to grow over the next five years? Yes, and is it going to be increasingly viewed as a store of value like gold? Yes, I think increasingly.
And then is there room for a lot more people to own it? Yes.
I’m not really bearish on it but I think in the near term it’s hard to say it should go up.”
Bitcoin is trading for $93,287 at time of writing, a 9.4% increase during the last 24 hours.
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