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Bitcoin Nears Potential Bottom After Sharp Drop, Say Industry Leaders
Bitcoin may be nearing its local bottom after a sharp slide to its lowest level in seven months, according to BitMine chairman Tom Lee and Bitwise Asset Management CIO Matt Hougan. Their comments come as BTC briefly dipped under $90,000, a price last touched in April, before recovering to around $90,718.
Experts Signal Bottoming as Market Shows “Signs of Exhaustion”
Speaking with CNBC on Monday, Lee said the crypto market is still reeling from the large liquidation event on Oct. 10, while uncertainty over whether the U.S. Federal Reserve will cut rates in December continues to weigh on sentiment.
“I think that’s all creating this downside pressure,” Lee explained, adding that technical indicators suggest sellers may be running out of steam. Citing insights from Tom Demar of Demar Analytics, Lee said there are “signs that would look like a bottom” potentially forming this week.
Weakness Driven by ETF Outflows, Whale Selling, and Geopolitical Tensions
Crypto executives told Cointelegraph earlier this week that the downturn is tied to several converging forces, including ETF outflows, long-term whale selling, and mounting geopolitical tensions—all contributing to a fragile market environment.
Hougan echoed Lee’s outlook, describing the current price zone as a “generational opportunity” for long-term participants. He attributed market nerves to worries about the global economy, artificial intelligence valuations, and U.S. President Donald Trump’s tariffs, noting that Bitcoin acted as a “canary in the coal mine” during the broader risk-asset pullback.
Lee Predicts New Bitcoin Highs by Year-End
Despite BTC being 28% below its all-time high of over $126,000, reached on Oct. 6, Lee remains upbeat. He expects a stock market rebound later this year to help push Bitcoin back to new all-time highs, calling the recent weakness “expected” ahead of a stronger year-end rally.
