The consolidation between $90,000 and $100,000 for bitcoin (BTC), continues to play with investor sentiment, swinging from fear to greed.

On Monday, bitcoin fell below $90,000, while on Tuesday it is above $96,500, an increase of over 8%. Bitcoin bull Tom Lee, head of research at Fundstrat, told CNBC on Monday that he sees this current correction in bitcoin as normal.

“Bitcoin is down 15% from its highs for a volatile asset, which is a normal correction,” he said.

Glassnode data shows that in this current cycle, bitcoin has seen relatively mild moves of around 15%-20%, much less than previous bull market pullouts, which saw as much as 30%-50% moves, showing that the asset is becoming more mature.

According to Lee, $70,000 is a line in the sand, which is a strong support level. They refer to a method called Fibonacci levels or retracement periods, essentially where bitcoin pulls back from where it started its rally. Lee also believes that the $50,000 level could be tested if the previous $70,000 levels do not hold. Common Fibonacci levels from the highest level that analysts look for are 23.6%, 38.2%, 50% and 61.8%

Despite a short-term correction, Lee still believes that bitcoin will be one of the prominent assets for 2025 and remains bullish on the year-end target of $200,000 to $250,000.