Emre Yumlu 
Bitcoin (BTC)’s sharp retreat to a seven-month low has unsettled markets, but several prominent industry figures believe the downturn may be nearing its conclusion. According to BitMine Chairman Tom Lee and Bitwise CIO Matt Hougan, the recent decline is likely entering its final phase — and could even present a rare opportunity for long-term investors.
A Brief Dip Under $90,000 Bitcoin
Earlier this week, Bitcoin briefly fell below $90,000, touching levels last seen in April. Data from CoinGecko indicates that the drop reflects ongoing fragility following October’s massive liquidation wave. The sudden move downward reignited broader concerns about risk assets as traders awaited clarity on U.S. monetary policy.
Speaking to CNBC, Tom Lee noted that the crypto market has remained sensitive since the October 10 liquidation event. He added that uncertainty surrounding whether the Federal Reserve will cut rates in December continues to weigh on sentiment.
Lee explained that several technical indicators are showing signs of exhaustion. After consulting with DeMark Analytics’ Tom Demar, he said there is a possibility that a “bottoming pattern” could emerge sometime this week.
A Combination of Pressures Behind the Pullback
Industry leaders point out that the recent weakness cannot be attributed to macroeconomic worries alone. Outflows from Bitcoin ETFs, long-term holders taking profit, and heightened geopolitical tension have all contributed to the ongoing sell pressure.
“A Generational Opportunity for Long-Term for Bitcoin Investors”
Despite the volatility, Bitwise CIO Matt Hougan believes Bitcoin is approaching a key bottom. He argues the current levels represent a valuable entry point for patient investors. Hougan highlighted several forces restraining the market — concerns about the broader economy, stretched valuations in AI-related equities, and tariff-related uncertainty linked to President Donald Trump’s policies.
According to Hougan, Bitcoin was one of the first assets to react to the market’s downturn, and it may also be among the first to recover once conditions stabilize.
Outlook: New Highs Still Possible by Year-End
Bitcoin is trading near $90,700, standing roughly 28% below its all-time high above $126,000 set on October 6.
Even so, Lee remains constructive. He believes a strong rebound in equities could help lift Bitcoin and that a fresh record high before the end of the year is still within reach.
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