Despite predictions that it would reach $150,000, Bitcoin falls to its lowest level in eight weeks

In an interview with CNBC on August 16, Fundstrat analyst Tom Lee stated that if a Bitcoin spot ETF is approved, demand for Bitcoin will exceed supply. He added that the company’s crypto strategists predicted a clearing price of 150,000 to 180,000 dollars. This bold prediction refers to before the end of next year and only if a spot ETF is approved in the U.S., he reiterated.

When asked what would happen if the ETF applications were rejected, Lee said that the halving would still create demand and price growth,’but it won’t be at a six-figure amount’.

It should be noted that Tom Lee is a major Bitcoin bull who has made bold predictions in the past. At the end of December 2020, Lee predicted that Bitcoin would reach 120,000 dollars the following year. In August 2021, he said that the price of Bitcoin would reach 100,000 dollars by the end of the year. In reality, it peaked at 69,000 dollars in November, after which it fell into a multi-year bear market. In February 2022, the managing partner of Fundstrat predicted that the price of Bitcoin could rise to 200,000 dollars. However, by the end of 2022, Bitcoin had fallen to a cycle low of 16,000 dollars.

Now, just a few hours after offering a price forecast of 150,000 dollars for Bitcoin, it has dropped to its lowest level in two months. Bitcoin dropped 2 percent on the day to an intraday and two-month low of 28,400 dollars during the Asian trading session on Thursday.

This move followed the release of the Federal Reserve meeting minutes, which stated that they do not expect a recession, although officials still see the need for higher rates.

Despite the fact that Bitcoin is still trading ‘sideways’ on longer-term charts, bearish sentiment is creeping in. Some analysts believe that Bitcoin looks very weak and that a drop may be inevitable. Meanwhile, Willy Woo stated that it is ‘time for BTC’, adding.

– Meanwhile, demand is rising in the futures market (professional traders) and on-chain fundamentals are improving. Either way, up or down, we are now preparing for a strong move. Volatility is coming – Woo wrote.

The drop is the largest since July 24, but is quite small when viewed on a multi-month chart.