- Tom Lee predicts Bitcoin will hit a new ATH by the start of next year.
- He expects BTC to hit $250,000 in the next 75 days.
- Will altcoin prices still see a bullish altseason surge?
The crypto market continues to see a downward fall in prices. At the moment, the price of Bitcoin (BTC) is nearing the $100,000 price range and could soon fall to 5-digit prices, a prediction that only a few crypto analysts expected. Meanwhile, other renowned figures in the space, like Tom Lee predicts Bitcoin will hit a new ATH of $250,000 in the next 75 days. What will trigger this pump?
Tom Lee Predicts Bitcoin Will Hit a New ATH
Q4 has had a challenging start for the crypto market. What began as a hopeful start to the final quarter of the year is now turning into an extreme fear state. In just a matter of days, the Crypto Fear & Greed Index is falling to bearish sentiments, leading analysts to believe that Q4 may not be as bullish as any of them predicted. Only one analyst made a profit from short positions over the last few days.
In detail, the major event happened to have come from the $20 billion liquidation event that occurred during the end of the previous week. During this time, the price of BTC fell from $121,000 to $104,000. This move wiped out all leverage and long positions from the market, especially for altcoins. Even $3 billion from short positions was wiped out indefinitely. What followed next was even greater bearish expectations.
Initially, the liquidation that marked the largest single-day liquidation in crypto history was expected to signal bullish days ahead. However, due to the dovish reaching from the Fed and the weak reaction from the stock market, the crypto market seems to be taking a greater dive in the bearish direction. Presently, liquidity seems to be flowing into the gold and silver markets as funds move towards less risky assets.
$250,000 BTC ATH in the Next 75 Days
At the moment, analysts seem to be divided between bearish and bullish outcomes. One analyst in particular had predicted a dip to the $90,000 price level and is currently stating that he simply wasn’t bearish enough. Presently, he is expecting a faster BTC price crash to the $60,000 to $70,000 price range. As for altcoins, it is unclear if the altseason peak phase for the bull cycle will still play out this year.
Despite these bearish expectations, other reputed crypto analysts, seasoned traders, and financial experts do not believe this is the end of BTC’s run. With more evidence that the 4-year bull cycle has ended, some say BTC will see a highly bullish surge in the months ahead. As we can see from the post above, Tom Lee predicts BTC will go to $250,000 in the next 75 days.