Analyst: BTC retracement is normal consolidation, maintaining year-end bullish target at $200,000

BlockBeats news, on January 14th, Tom Lee, former chief equity strategist at JPMorgan and head of research at Fundstrat, said in an interview with CNBC on Monday that he believes the current adjustment of BTC is normal. He said: “BTC has fallen 15% from its peak, which is a normal adjustment for an asset with high volatility.” Glassnode’s data indicates that BTC’s retracement in the current cycle is relatively mild, at around 15%-20%, much smaller than the 30%-50% retracement in previous Bull Markets, indicating that the asset is becoming more mature. Lee stated that $70,000 is a key support level. He mentioned an analysis method called Fibonacci levels, or retracement period, which basically refers to the position where BTC retraces from its pump start. Lee also believes that if the $70,000 support level is not held, the $50,000 level may also be tested. Fibonacci retracement levels commonly used by analysts include 23.6%, 38.2%, 50%, and 61.8%. Despite the short-term adjustment, Lee still believes that BTC will become an outstanding asset in 2025 and remains bullish on the year-end target, predicting a price range of $200,000 to $250,000.