Tom Lee, a veteran hedge fund manager, remains optimistic about both the stock market and Bitcoin (BTC) following the highly anticipated halving event on April 20. In an interview with CNBC, Lee explains that the halving, which reduced Bitcoin miners’ rewards by half, as well as the rise of the Runes protocol, which has generated significant fees for the flagship blockchain, will contribute to upward pressure on the price of Bitcoin. Lee, who has consistently expressed his bullish stance on Bitcoin, predicts that the cryptocurrency could reach a cycle high of $150,000 by the end of the year. He also believes that Bitcoin could potentially surpass targets of $500,000 or even higher in the long term.
In addition to his optimism about Bitcoin, Lee is also bullish on the stock market, which has experienced a correction from its recent highs in the past few weeks. According to Lee, the equities market is reaching an oversold level, supported by the DeMark Sequential indicator, which identifies trend reversals based on previous closing prices. He suggests that the market may be approaching a potential bottom or turning point, emphasizing that sharp corrections are common in a rising trend.
Lee concludes by stating that he sees the current market conditions as a good opportunity for investors. However, he reminds readers that the opinions expressed in The Daily Hodl are not investment advice and encourages individuals to conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets.
