Despite the record attention of institutional investors and the launch of spot #ETF , the volatility of Bitcoin $BTC has not gone away — and the price drop could again reach 50%, warned BitMine head Tom Lee.

Against the backdrop of increasing claims of supposed "maturity" of the cryptocurrency market, Lee believes that Bitcoin still amplifies stock fluctuations: "The stock market often experiences a 25% drawdown. […] If the S&P falls by 20%, Bitcoin could drop by 40%" (quote).

According to him, the last six years have shown significant progress in the stock market, but at the same time, there have been "unusually many" serious pullbacks.

Lee also believes that Bitcoin has deviated from the classic four-year cycle that should have led to a peak in October this year: "A longer cycle is forming" (quote).

In particular, this opinion is shared by BitMEX co-founder and Maelstrom fund investment director Arthur Hayes, who believes that Bitcoin is capable of reaching $200,000 by the end of the decade.