Fundstrat boss Tom Lee has finally weighed in on Bitcoin’s massive price drop that sent shockwaves around the cryptocurrency community.
In a recent tweet, Lee reiterates his earlier prediction that BTC will hit a new ATH, but only if the US equities market achieves a similar feat.
Bitcoin crashes in tandem with stocks
While Bitcoin is generally considered to be an uncorrelated asset, the fact that its price tanked right after the stock market adds legitimacy to Lee’s words. eToro analyst called it “a really strange coincidence.”
The theory that Bitcoin is correlated to the stock market is quite controversial. Cryptocurrency expert Alex Krüger insists that the most recent bump in the road doesn’t have anything to do with the stock market crash.
Speculations over safety
As reported by U.Today, Lee claimed that Bitcoin is ambidextrous because it can perform well both in risk-on and risk-off environments.
However, its recent 15 percent plunge proves that the cryptocurrency that started it all is nowhere near reaching the proverbial “safe haven” status.