Tom Lee believes that the recovery of Bitcoin and the entire cryptocurrency market has begun, after the market had experienced several deep declines.
In a live broadcast on CNBC, he argued that the cryptocurrency market has survived six drops of over 50% and can recover just as quickly as the declines. Market data shows that both Bitcoin and Ethereum have surged in the past 24 hours.
- Tom Lee says the cryptocurrency market is entering a recovery phase.
- The market has experienced six drops of over 50% but has always recovered.
- Bitcoin ~71,306 USD (+3.5%/24h), Ethereum ~2,126 USD (+4.6%/24h).
Tom Lee's assessment of the recovery cycle.
Tom Lee stated that the recovery of Bitcoin and the entire cryptocurrency market has begun, and the market could rebound as quickly as it declined.
Speaking on CNBC, Tom Lee (chairman of the Ethereum treasury Bitmine) emphasized that the cryptocurrency market has experienced six drops of over 50% but has survived. He argued that the ability to recover quickly is a recurring characteristic after sharp declines.
Bitcoin and Ethereum price data over 24 hours
Bitcoin recovered to around $71,306 (+3.5% in 24 hours) and Ethereum to around $2,126 (+4.6% in 24 hours).
According to market data presented in the February 8th report, Bitcoin's 24-hour increase was 3.5% and Ethereum's was 4.6%. This development coincided with Tom Lee's assessment that a market-wide recovery trend had begun.
