Tom Lee, a well-known bull known for supporting Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies, has released a new statement.
At this point, Tom Lee said, there were concrete signs that the market was bottoming out.
Bitmine (BMNR) Chairman Tom Lee said in an interview with CNBC that he has identified clear and concrete signs of a market bottom. He also revealed his preferred investment areas.
Tom Lee pointed out that last week’s escalating conflict between the US and Iran and rising oil prices did not lead to a decline in the stock market, calling it a positive divergence and a sign of bottoming out.
Lee said negative risks are already priced into the market, and the market has shown resilience to adverse events.
Lee also noted that historically stock markets tend to bottom at the start of wars, adding that most stocks experience bear markets and sharp corrections.
In conclusion, Lee said the selling pressure has almost disappeared and the position has already been reduced to zero. This means that the worst-case scenario for the market is probably over and the signs of the bottom have arrived.
Finally, he revealed his preferred investment areas and reiterated his bullish outlook: “Ethereum, Bitcoin, other major cryptocurrencies, stocks of the Magnificent 7 (Mag7), the Big 7 US tech giants, and technology and software stocks.”
*This is not investment advice.
