Tom Lee on Market Crash: 'Bottoms Are Ugly'
Analysis
Price Impact
HighThe cryptocurrency market is in a 'brutal bear market,' with bitcoin plunging 4.5% and ethereum 8.1% in the last 24 hours, and btc down 30% from its peak. further downside to $10,000 for btc is predicted by some strategists.
Trustworthiness
LowTom lee is known as a 'permabull' whose past audacious predictions (e.g., $200k btc, $16k eth) have proven 'ridiculous in hindsight.' his company's eth bet also imploded with massive paper losses, and critics label his forecasts as 'fatuous and feckless.'
Price Direction
BearishDespite tom lee's prediction of nearing a bottom, the current market sentiment remains strongly bearish, characterized by significant price plunges for btc and eth, an 'ongoing bear market,' and predictions of potential further collapse for bitcoin.
Time Effect
LongThe article describes an 'ongoing bear market' and discusses the process of 'nearing a bottom,' which typically implies a prolonged period of market weakness and uncertainty, not a quick reversal.
Original Article:
Article Content:
Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Read U.TODAY on Google News Tom Lee's turbulent year New bear market? Advertisement Tom Lee, a well-known permabull famous for making audacious price predictions, has predicted that the cryptocurrency market could be nearing a bottom. Bitcoin (BTC) and Ethereum (ETH) have plunged by 4.5% and 8.1%, respectively, over the last 24 hours. Tom Lee's turbulent year Earlier this year, Lee predicted that the price of Bitcoin could hit $200,000 and that ETH could reach $16,000 in 2025. However, such predictions look absolutely ridiculous in hindsight, given that crypto is now in the middle of a brutal bear market. HOT Stories Tom Lee on Market Crash: 'Bottoms Are Ugly' XRP Volume Up 73%, 120 Billion Shiba Inu (SHIB) Selling Wall About to Hit, Dogecoin (DOGE) Price Eyes Rebound — Crypto News Digest BREAKING: BitWise's XRP ETF Final Form Filed 'Never Back Down': Strategy's Saylor Reacts to 30% Bitcoin Price Plunge Critics like famous short-seller Doug Kass see Lee’s public optimism as media-seeking behavior. As reported by U.Today, his precise short-term forecasts are "fatuous and feckless." Advertisement Beyond predictions, Lee actively put his money where his mouth is by spearheading BitMine Immersion, a firm that initially gained attention for Bitcoin mining and later pivoted to become a major Ethereum treasury company. At its peak, BitMine held nearly $11 million in ETH, making it a prominent player in that niche. However, this audacious bet imploded, as reported by Bloomberg. BitMine is sitting on massive paper losses, with the stock collapsing by more than 50% from its peak. New bear market? Bitcoin has plunged by 30% from its all-time peak while other cryptocurrencies suffered even steeper losses. The cryptocurrency plunged lower earlier today due to the odds of the Federal Reserve cutting rates in December dropping on the prediction market Kalshi. As reported by U.Today, Bloomberg Intelligence strategist Mike McGlone has predicted that the price of Bitcoin could potentially collapse to as low as $10,000 during the ongoing bear market. #Bitcoin Price Prediction #Ethereum Price Prediction #Tom Lee