Bullish Analyst Tom Lee Says “90 Percent of the Decline in Bitcoin and Altcoins May Be Over”

Speaking with CNBC, “A bottoming out process may have begun in the markets,” said Tom Lee, head of Ethereum treasury company BitMine and co-founder of Fundstrat.

Lee stated that despite recent geopolitical risks and macroeconomic uncertainties, markets have performed stronger than expected.

While no one wants the US to be involved in a conflict, “the resilience of the market has been remarkable,” Lee said. It is not one who would like the US to be a conflict,’ said . Nevertheless, it’s worth noting that the market has performed much more than we should have expected, Lee said, adding ‘It isn’t yet possible to say exactly what bottom was done but something like a bottom formation is emerging. Even if the bad news continues to flow, “the market can digest these developments and generally remain stable,” analyst said.

In addition, Lee said that investor positions have been restructured significantly recently. In the market, he said “It is important to monitor signs of panic that have been seen in the past and noting has given crucial signals at all times by the volatility index VIX.” During the year, Lee pointed out that “the VIX reached levels of as high as 80 last year,” and suggested similar levels could not be seen this time.

The resilience of risky assets despite panic-inducing news flow that leads to the market being at its bottom is another sign, Lee said. He added that “movements like gold still fall and stock markets rise mean the market is starting to “clean up” a movement, which means it’s beginning to ‘cleanup’. , ” and.

Similarly, Tom Lee said March could be the time when markets are coming to a bottom as they form ‘the best of all these words. The analyst said that the big tech stocks called “Mag7” and cryptocurrencies have been completed about 90% of software companies’ decline, while “the biggest tech stock has already finished,” and it is now in its third half. That’s good, because these assets are starting to take the lead in the market again,” Lee said.

*This is not investment advice.

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