- Bitcoin recovered to $91.5K after recently dropping 30% from its October all-time high of $126K, despite a “largely negative” market sentiment.
- BitMine’s Tom Lee dialed back his $250,000 year-end Bitcoin forecast, now saying the cryptocurrency is only “very likely” to exceed $100,000 and “maybe” reach a new all-time high.
- Lee still argues that Bitcoin’s strongest annual moves occur in just 10 trading days, suggesting that the “best days” of the year could still arrive before December’s end.
Bitcoin (BTC) managed to recover some ground after dropping and trading below the US$90K (AU$137K) for several days. The cryptocurrency saw a decrease of 30% from its all-time high on Oct 6, around US$126K (AU$192K).
However, bulls have managed to regain control and push the asset over to US$91.5K (AU$140K) at press time.
But despite the rebound, December is closing in, and the general market sentiment is still largely negative (currently, the Crypto Fear and Greed Index is at 18), leaving little to no hope for BitMine’s Tom Lee’s predictions.
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Just “Maybe”
It looks like BitMine’s chair, Tom Lee, has now dialed back his high-profile Bitcoin forecast, no longer standing firmly by his year-end target of US$250,000 (AU$382,500) and instead saying the cryptocurrency may only retest or beat its October all-time high of US$125,100 (AU$191,403).
“I think it’s still very likely that Bitcoin is going to be above US$100,000 (AU$153,000) before year-end, and maybe even to a new high,” Lee told CNBC on Wednesday. Earlier this year, he repeatedly endorsed the US$250,000 (AU$382,500) call, making him one of the most bullish voices among mainstream crypto commentators.
Other industry figures had already questioned that outlook. Galaxy Digital CEO Mike Novogratz said in another CNBC interview that planets would basically have to align for Bitcoin to reach those levels in the current cycle.
Lee still argues that Bitcoin’s strongest moves tend to come in short bursts. He highlighted that most of its annual returns typically arrive in just 10 trading days. Data cited in the interview show that in 2024, Bitcoin’s best 10 days generated a combined 52% gain, while the other 355 days produced an average return of -15%.
Moreover, the Bitmine chair said he still believes some of Bitcoin’s “best days” could come before the end of the year, even as the market remains under pressure despite November’s historically strong performance for the asset.
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