Investing.com - Fundstrat Global Advisors' strategist Tom Lee may be a long-term bull on bitcoin, but he's bearish for the short term.
Lee thinks bitcoin may have to bottom out near its February low of about $5,900, before staging a rebound, according to the firm's latest report.
That bottom's likely to occur in March, which has been a weak month in six of the past seven years. By contrast, April has been a strong month five times during that period, according to the report.
Lee says cryptocurrency sentiment is so weak right now that bitcoin is extremely susceptible to any sign of government regulation, which is why it has fallen through one support level after another recently.
Bitcoin has lost about 60% of its value since setting a record high of almost $20,000 in December.
Lee still expect bitcoin to hit $20,000 by mid-year and $25,000 by year-end.