Tom Lee: Bitcoin needs a consolidation period

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According to Tom Lee, co-founder and senior analyst at Fundstrat, Bitcoin currently needs a consolidation period after a sharp price spike in early 2019.

In an interview with BlockTV, Lee said the asset’s price growth in July showed an overheated market. He said:

We must assess the situation realistically – BTC needs to consolidate profits, because at the beginning of the year the asset showed a significant jump.

Previously, the analyst stated that the price of BTC will “shoot up” after the US Federal Reserve lowers interest rates.&nbsp;

Recall that on October 23, the price of BTC fell belowmarks $ 7500, having fixed at the level of a five-month low. At the time of writing, the first crypto asset has not yet been able to show signs of recovery.

Based on materialscointelegraph.com