The CEO of Fundstrat, a market insights platform, is reaffirming his belief that Bitcoin (BTC) will experience significant gains this year, despite its volatile price movements over the past six weeks.
In a recent interview with CNBC, Tom Lee stated that Bitcoin’s bull market cycle is far from over. According to Lee, Bitcoin and other asset classes have yet to acknowledge the Federal Reserve’s shift towards a looser monetary policy.
“Bitcoin is still in the early stages of an upward cycle. So the notion that it can reach $150,000 this year is still within our base scenario… I believe it’s beneficial that the Fed is emphasizing its stance on inflation and displaying more dovishness compared to the market. This is why we are witnessing a market recovery.”
At the time of writing, Bitcoin is being traded at $62,508, experiencing a 1.31% decline in the past 24 hours.
When examining the stock market, Lee observes that more publicly listed companies are reporting solid earnings growth this quarter. He also points out that market conditions appear bullish, with trillions of dollars still waiting on the sidelines.
“From our perspective, earnings growth is accelerating. Q1 earnings have increased by 7%, but three sectors have experienced a 20% decline: energy, healthcare, and materials. Energy and healthcare will rebound next quarter, resulting in an 11% growth in earnings. We are aware of the significant pent-up demand. Capital spending is on the rise, the ISMs are improving, and there is $6 trillion in cash waiting to be invested. People have been cautious for over two years now. I believe the risk-reward ratio is still quite favorable.”
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Disclaimer: The opinions expressed in The Daily Hodl are not financial advice. Investors should conduct their own research before engaging in any high-risk investments involving Bitcoin, cryptocurrencies, or digital assets. Please be informed that your transfers and trades are done at your own risk, and any losses incurred will be your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it serve as an investment advisor. Please note that The Daily Hodl engages in affiliate marketing.
