Bitcoin Sinks Under $90K: BitMine, Bitwise Execs Predict Market Bottom This Week
Bitcoin briefly plunged below $90,000 this week — its lowest level in seven months — but several major industry leaders believe the market is nearing a bottom, with some calling the current dip a rare long-term opportunity.\
Bitcoin Approaches a Bottom, Says BitMine’s Tom Lee
Bitcoin
BTC — $89,966
briefly dipped under $90,000 on Tuesday, according to CoinGecko, marking the lowest price since April.
In an interview with CNBC on Monday, BitMine chairman Tom Lee said ongoing fear in the market is largely the result of:
- The massive liquidation event on Oct. 10
- Uncertainty around a potential Federal Reserve rate cut in Decembe
Lee said sentiment is shaky but stressed that several indicators now signal seller exhaustion:
“I think the good news is there are signs of exhaustion. I did speak with Tom Demar of Demar Analytics, and he thinks a bottom could be occurring sometime this week.”
Crypto executives told earlier that recent weakness stems from a mix of ETF outflows, long-term whale selling, and rising geopolitical tensions.
Bitwise CIO Matt Hougan: “A Generational Opportunity”
Bitwise Asset Management CIO Matt Hougan echoed Lee’s outlook, predicting that Bitcoin is close to forming a short-term bottom.
Hougan emphasized that while macroeconomic concerns — including AI stock valuations and President Trump’s tariff policy — have weighed on markets, long-term investors should view the current price levels as an exceptional opportunity:
“I think we’re nearing a bottom. I look at this as a great buying opportunity for long-term investors.”
He added:
“Bitcoin was the first thing to turn over before the broader market pullback… I think it’ll be the first thing to bottom.”
Bitcoin Eyes Full Recovery Before Year-End, Says Lee
Bitcoin is currently trading near $90,718, down about 28% from its all-time high of over $126,000, reached on Oct. 6.
Despite the drawdown, Lee expects Bitcoin to not only recover but break new highs before the year ends:
“Between now and year end, I’m pretty bullish on stocks… As markets rally, I think that’s going to help propel Bitcoin to an all-time high.”
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