Tom Lee, a prominent bull known for his support of Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies, has made new statements.
At this point, Tom Lee said he saw concrete signals that the market was bottoming out.
Speaking to CNBC, Tom Lee, Chairman of Bitmine (BMNR), said he has identified clear, concrete signals of a market bottom. He also revealed his preferred investment areas.
Tom Lee noted that last week’s escalation of the US-Iran conflict and rising oil prices did not lead to a decline in the stock market, describing this as a positive divergence and a sign of a bottoming out.
According to Lee, negative risks have already been priced into the markets, and markets are showing resilience to adverse events.
Lee also noted that historically, the stock market tends to bottom out at the beginning of wars, adding that most stocks experience a bear market and go through sharp corrections.
In conclusion, according to Lee, selling pressure has largely dissipated and positions have already been zeroed out. This means that the worst-case scenario for the market is likely behind us and signs of a bottom have arrived.
Finally, he revealed his preferred areas for investment and reiterated his bullish outlook: “Ethereum, Bitcoin and other leading cryptocurrencies, the stocks of the US’s seven largest tech giants – the Magnificent 7 (Mag 7), and technology and software-related stocks.”
*This is not investment advice.
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