Is This Week the Turning Point for Bitcoin? Tom Lee and Matt Hougan Say a Bottom Is Near
Tom Lee and Matt Hougan suggest Bitcoin's bottom is near this week despite recent price drops, citing exhaustion signs and buying opportunities.Summary
BitMine Chairman Tom Lee and Bitwise Asset Management CIO Matt Hougan believe Bitcoin (BTC) is nearing a market bottom this week, even as the cryptocurrency plunged to a seven-month low, trading below $90,000 and erasing 2025 gains.
Lee attributes the recent decline to a massive liquidation event on October 10 and investor anxiety ahead of the Federal Reserve's December meeting, noting that signs of sell-off exhaustion suggest a bottom could occur soon, potentially supported by analysis from Tom Demark.
Hougan agrees, viewing the downturn as a strong buying opportunity for long-term investors, noting that Bitcoin often bottoms before the broader market. Technical indicators, such as over 28% of supply being held at a loss and the appearance of a 'death cross' (50-day MA below 200-day MA)—which historically marked previous bottoms—further support the potential for a recovery soon.
(Source：BeInCrypto)