Bobby Lee: Bitcoin has a chance to fall to $ 50,000

Renowned cryptocurrency investor Bobby Lee has warned of the risk of a deep correction in Bitcoin BTC $68,030.71 Mezo Wrapped BTC 1.17% Market capitalization $38.06 million VOL. 24 hours $1.16 billion , saying that the price could break through key support at $ 60,000 in the coming weeks. He said this in an interview with Bloomberg Television.

According to Ballet’s CEO, the recent fluctuations in the exchange rate are mainly due to high margin trading in the spot, futures, and options markets, rather than long-term investment flows. Li believes that the $ 60,000 zone is critical for liquidating a large number of long positions, and if it breaks through, the price could drop to $ 50,000−55,000, and even lower within a year.

The analyst emphasized that after peaking at around $ 126,000 a few months ago, Bitcoin entered a bear market phase. This means that holders of long positions may suffer significant losses in the near future.

At the same time, Lee remains optimistic about the long-term prospects of cryptocurrency as an asset with a limited supply. He noted that a real «capitulation» can only come when Bitcoin loses up to 80% of its high, i.e., falls to the range of about $ 20,000.

Lee’s warning thus emphasizes the high risks for short-term traders, but at the same time confirms his belief in Bitcoin’s long-term role as a store of value.