Bitcoin sinks under $90K: BitMine, Bitwise execs tip bottom this week

Bitwise’s Matt Hougan said a price bottom is coming soon and will present a “generational opportunity” and a “gift for long-term investors.”

Bitcoin could hit a bottom as soon as this week, according to BitMine chairman Tom Lee and Bitwise Asset Management chief investment officer Matt Hougan, as Bitcoin briefly dropped below $90,000, its lowest in seven months.

During an interview on Monday with CNBC, Lee said crypto is suffering after the big liquidation event on Oct. 10, and traders are still nervous about whether the US Federal Reserve will cut rates in December. 

“I think that’s all creating this downside pressure. But I think the good news is there are signs of exhaustion. I did speak with Tom Demar of Demar Analytics, and he thinks there are signs that would look like a bottom that could be occurring sometime this week,” Lee said. 

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