Bitcoin was at one point below a seven-month low of $90,000 and could bottom out as early as this week, according to Bitmine Chairman Tom Lee and Bitwise Asset Management Chief Investment Officer Matt Hogan.
Li said in an interview with CNBC on Monday that cryptocurrencies have suffered after the massive liquidation event on October 10, and traders remain nervous about whether the US Federal Reserve will cut interest rates in December.
“I think all of that is creating downside pressure. But I think the good news is that there are signs of depletion. I spoke with Tom Demar of Demar Analytics and he thinks there are signs that a bottom could be coming this week,” Lee said.
Bitcoin (BTC) briefly dipped below $90,000 on Tuesday, a price last seen in April, according to CoinGecko.
Earlier this week, crypto industry executives told Cointelegraph that the recent downturn in the crypto market is due to a combination of factors, including outflows from exchange-traded funds (ETFs), long-term whale selling, and rising geopolitical tensions.
A generational opportunity for long-term BTC investors
Hogan agreed that the bottom is coming soon, adding that current price levels represent a “generational opportunity” and a “gift to long-term investors.”
He also said the market pain could be due to traders’ nervousness about the economy, artificial intelligence ratings and President Donald Trump’s tariffs.
“I think we’re nearing the bottom. I see this as a great buying opportunity for long-term investors. Bitcoin was the first to turn around before this broad market pullback. Bitcoin was kind of the canary in the coal mine that signaled there was some risk in all kinds of risk-on assets,” Hogan said.
“I think that’s going to be the first low and I agree with Tom. We’re very close to that point. So I think this is once again an exciting opportunity for people who are looking ahead a year or more.”
BitMine’s Lee predicts new highs for Bitcoin by the end of the year
Bitcoin is currently trading at $90,718, down 28% from its all-time high of over $126,000 on October 6th.
Related: Ethereum will start in the ‘same supercycle’ as Bitcoin: BitMine’s Tom Lee
However, Lee predicts that if the stock market rally drives Bitcoin further higher in the second half of this year, it will regain lost ground and hit a new all-time high.
“I’m pretty bullish on stocks between now and the end of the year. You know, this kind of weakness in the first half of November was to be expected, but as the market moves higher, I think it will help push Bitcoin to all-time highs.”
magazine: 2026 is the year of practical privacy in crypto: Canton, Zcash and more
