Earlier this week, MicroStrategy announced yet another large Bitcoin purchase as it acquired a $243 million BTC stash. The previous accumulation was made this year on January 5, when the company scooped up $101 million worth of Bitcoin.
Tom Lee believes that when BTC crashed to $90,000 from $96,000, it was a normal correction of roughly 15% after the recent highs reached by the leading digital currency. Lee opined that Bitcoin may demonstrate an extended correction to $70,000. However, it may drop even lower and touch on the $50,000 zone. However, if that happens that’s where it would push from to start rallying.
Lee noted that this year Bitcoin is expected to be one of the best-performing assets and reach $250,000 by the year’s end.
Besides, the PPI data release is expected today with a 3.7% increase YoY in December. Another inflation metric CPI is expected to come out tomorrow, also higher than the previous one – 2.9% YoY.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
