One of Wall Street's biggest bulls and former chief equity strategist at JPMorgan, Tom Lee, stated that Bitcoin could significantly retreat from recent highs and may test support levels of $70,000 or even $50,000, while maintaining a long-term bullish stance with a target of $250,000.

In a recent television interview, Lee, now the chief investment officer at Fundstrat Capital, described Bitcoin's recent 15% drop from its historical high as a "normal adjustment" for a volatile asset. Bitcoin is currently trading close to $95,000, having dropped about 6.6% in the past month.

This prediction comes amid a general uncertainty in the market, as the U.S. stock market is undergoing a 23-day adjustment period with ongoing inflation concerns. Lee emphasized that Bitcoin's movement largely follows global liquidity conditions and noted that the market is still in the early stages of a halving cycle.

Cryptocurrency skeptic Peter Schiff expressed a more pessimistic view on social media platform X, likening the current Bitcoin enthusiasm to the previous peak around Ethereum.

Schiff wrote, "In 2021, there was a lot of hype around Ethereum, just as there is now around Bitcoin." He pointed out that Ethereum dropped 40% from its nearly $5,000 high in November 2021 to its current level below $3,000.

Despite concerns about short-term volatility, Lee believes that Bitcoin's current price of around $95,000 is an attractive entry point for long-term investors. "If you want to time the market, maybe you'll be lucky and it will hit $70,000. But for me, Bitcoin could rise to $250,000, so $90,000 is still a good entry point."

The movements in the cryptocurrency market come as the Federal Reserve signals a pause in expected rate cuts, exacerbating broader market uncertainty. Lee believes these macro factors, combined with temporary distortions in inflation data due to natural disasters, could influence the near-term price movements in financial markets. #BTC☀