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Bitcoin's sell-off is 'part of its DNA' and could still surge to $100,000, Fundstrat's Tom Lee says

Published by Business Insider on Wed, 24 Feb 2021


<p><img src="https://static6.businessinsider.com/image/5f99628469331a0011bc5a64-2400/tom lee.jpg" border="0" alt="Tom Lee" data-mce-source="Cindy Ord/Getty Images"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><ul><li><strong>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.</strong></li><li><strong>Lee reiterated his $100,000 price target on bitcoin, arguing that the sell-off doesn't change fair value.</strong></li><li><strong>Bitcoin "looks on sale," Lee Tweeted.</strong></li><li aria-level="1"><strong><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell'utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a></strong></li></ul><hr><p>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.</p><p>In <a href="https://twitter.com/fundstrat/status/1364294727764443136">a tweet on Tuesday</a>, Lee said bitcoin is prone to corrections of 40%-50%, adding that the sizable corrections are "part of its DNA and its history."</p><p>After topping out at more than $58,000 over the weekend and <a href="https://markets.businessinsider.com/currencies/news/bitcoin-market-value-1-trillion-for-the-first-time-cryptocurrency-2021-2-1030102808">eclipsing $1 trillion</a> in market value, <a href="https://markets.businessinsider.com/currencies/news/bitcoin-btc-price-ether-xrp-janet-yellen-elon-musk-2021-2-1030112430">bitcoin sold-off to a low of $45,000 on Tuesday</a> amid risk-off sentiment among investors due to concerns of rising interest rates.</p><p>But the decline in bitcoin "doesn't change fair value" for the cryptocurrency, Lee said before reiterating <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-quadruple-in-2021-sees-rally-similar-2017-fundstrat-2020-12-1029928974">his $100,000 price target.</a> A surge in bitcoin to $100,000 would represent potential upside of 117% from Tuesday afternoon levels.</p><p>Lee's price target for bitcoin is predicated on his view that 2021 represents a similar setup to 2017 for the cryptocurrency: a parabolic rally following a halvening event. A halvening in bitcoin is when the reward for miners completing problems on the bitcoin blockchain is cut in half. Bitcoin completed a halvening event last year.</p><p>"Looks on sale, right'" Lee asked.&nbsp;</p><p><img src="https://static6.businessinsider.com/image/60355e60bed5c50011a2c1ef-556/bitcoin tom lee.JPG" border="0" alt="bitcoin tom lee.JPG" data-mce-source="Twitter"></p><p><a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-outlook-analysis-surge-100000-fundstrat-tom-lee-2021-2-1030114970#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/pikes-peak-hill-climb-colorado-most-dangerous-racetrack-2020-2">Why Pikes Peak is the most dangerous racetrack in America</a></p>
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