TechFlow, Oct 24 — According to Cryptonews, BitMine chairman Tom Lee warned in an interview that despite growing institutional adoption, Bitcoin could still face a 50% drawdown in the future.
Lee said in an interview with Anthony Pompliano that even amid spot Bitcoin exchange-traded funds and increased institutional participation, a "50% drawdown" will remain part of Bitcoin's price history. Bitcoin continues to move in sync with traditional markets and tends to amplify those swings; as equities often see 25% pullbacks, if the S&P 500 drops 20%, Bitcoin could fall by 40%.
Nonetheless, Lee maintained his long-term bullish outlook, reiterating his forecast that Bitcoin could rise to between $200,000 and $250,000 this year.
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