Bitcoin's sell-off is 'part of its DNA' and could still surge to $100,000, Fundstrat's Tom Lee says
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Bitcoin's recent correction of more than 20% is "part of its DNA and its history," Fundstrat's Tom Lee said in a tweet on Tuesday.
Lee reiterated his $100,000 price target on bitcoin, arguing that the sell-off doesn't change fair value.
Bitcoin "looks on sale," Lee Tweeted.
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The more than 20% sell-off in bitcoin this week shouldn't be a surprise to investors familiar with the cryptocurrency, according to Fundstrat's Tom Lee.
In a tweet on Tuesday , Lee said bitcoin is prone to corrections of 40%-50%, adding that the sizable corrections are "part of its DNA and its history."
After topping out at more than $58,000 over the weekend and eclipsing $1 trillion in market value, bitcoin sold-off to a low of $45,000 on Tuesday amid risk-off sentiment among investors due to concerns of rising interest rates.
But the decline in bitcoin "doesn't change fair value" for the cryptocurrency, Lee said before reiterating his...
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