The chief government of market insights platform Fundstrat is reiterating that Bitcoin (BTC) will nonetheless put up huge beneficial properties this yr regardless of its uneven value motion within the final six weeks.
In a brand new CNBC interview, Tom Lee says Bitcoin’s bull market cycle is way from over.
In keeping with Lee, Bitcoin and different asset courses haven’t but agreed that the Fed is shifting to a looser financial coverage.
“Bitcoin remains to be early in an upcycle. So the concept it might get to $150,000 this yr remains to be inside our base case… I feel it does assist that the Fed is reiterating that its view on inflation and its being comparatively dovish is extra dovish than the place the market is. So I feel that’s the method of why markets are recovering.”
At time of writing, Bitcoin is buying and selling for $62,508, down 1.31% previously day.
Trying on the inventory market, Lee sees extra publicly listed corporations printing strong earnings progress this quarter. He additionally highlights that market situations look bullish with trillions of {dollars} nonetheless ready on the sidelines.
“To us, earnings progress is accelerating. Q1 earnings are up 7%, however three teams are down 20%: power, healthcare, and supplies. Vitality and healthcare flip to constructive subsequent quarter so earnings progress hits 11%.
We all know there’s a variety of pent-up demand. Capital spending is selecting up, and the ISMs are turning up and there’s $6 trillion in money on the sidelines and other people have been cautious for greater than two years now.
I feel the risk-reward remains to be fairly good.”
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