In July alone, the price of Bitcoin (BTC) has dropped below the $10,000 mark twice now, however, Bitcoin enthusiasts and critics have been responding strongly, with Fundstrat co-founder, Thomas Lee, tweeting that the current Bitcoin pullback is healthy.
“Its healthy to see Bitcoin pullback here. As for the search traffic for Bitcoin being low, I also think that is a good sign. It means the rise of Bitcoin has not been accompanied by massive hype.”
Stacked up against June this year, the search results, according to Google Trends, has dropped in the United States by 45 percent. However, as mentioned above, this has not stopped and it won’t stop Lee and many other from keeping their head high and positive on their price predictions.
Both Lee and John McAfee, cyber security provider, are among those who believe that price of Bitcoin is yet to skyrocket. McAfee believes we will see the price of Bitcoin rise to around $1 million by the end of 2020. On the other hand, Lee is more reserved in his predictions, claiming that the price of Bitcoin will smash past its record high of $20,000 and reach new highs of $40,000 this year.
As Lee has made clear, pullbacks in any asset price can be and have proven to be healthy. In most cases it is a strong sign that some traders are taking profits before buying back in, however, whatever the reason, a lower price during a very obvious bull run, is an alluring buy signal to tempt fresh investments into the Bitcoin market.