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

Tom Lee, head of Ethereum treasury company BitMine and co-founder of Fundstrat, said in an interview with CNBC that a bottoming out process may have begun in the markets.

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

Lee stated that while no one wants the US to become involved in a potential conflict, the market’s resilience has been remarkable. “No one wants to see the US get into a conflict. However, it’s worth noting that the market has performed much more strongly than expected,” Lee said, adding that it’s not yet possible to definitively say the bottom has been reached, but a pattern similar to a bottom formation is emerging. According to the analyst, even with the continued flow of bad news, the market is able to digest these developments and generally remain stable.

Related News: BREAKING: Coinbase Announces Surprise Altcoin Listing Amid Bitcoin and Altcoin Rally

Lee also stated that investor positions have been significantly restructured recently. He said that indicators of panic previously seen in the market should be carefully monitored, particularly noting that the volatility index VIX has given important signals in the past. Lee pointed out that the VIX reached levels as high as 80 last year, and suggested that similar levels might not be seen this time.

According to Lee, another sign that the market is approaching a bottom is the resilience of risky assets despite panic-inducing news flow. He stated that movements such as gold continuing to fall while stock markets rise indicate that the market is beginning to “clean up.”

Tom Lee also said that March could be a period when markets are forming a bottom. According to the analyst, approximately 90% of the decline in software companies, the big tech stocks known as “Mag7,” and cryptocurrencies has been completed. Lee stated that these assets are beginning to take the lead in the market again, and that this is a positive sign.

*This is not investment advice.

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