September 30, 2020

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 profit, because at the beginning of the year the asset showed a significant leap.

Earlier, the analyst said that the price of BTC will “shoot” after the US Federal Reserve cuts interest rates.

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.

According to the materials cointelegraph.com