In a recent interview on CNBC, Bitcoin advocate Tom Lee expressed his belief that the markets could experience an upturn.
Lee highlights that the median short interest in stocks has reached its peak in the past three years.
He expressed that if inflation performs better than anticipated, then we could witness a significant market uplift.
Lee has added that the market could be close to a potential market bottom.
According to Fundstrat’s Lee, it’s common for significant price drops to occur during a bull market. He sees this as an opportune moment for investors.
Last week, Jay Powell, the chairman of the US Federal Reserve, admitted that bringing inflation back down to the desired 2% level would take longer than previously anticipated. This confession followed a surge in long-term expectations for inflation, which reached their highest point in over a year.
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Based on the Bank of America credit investor survey conducted in April, concerns about inflation are the foremost issue among investors. At the same time, approximately half of these investors (45%) believe that the central bank is capable of achieving a soft landing.
April 17th marked a significant decrease in Bitcoin’s price, falling under $60,000. This occurrence took place close to the upcoming halving event. The price decline was partly influenced by decreasing chances for a June interest rate reduction as a result of recently released inflation figures.
Notably, hikes or zero cuts are now more likely than three rate cuts this year.
Despite the strong convictions of cryptocurrency optimist Mike Novogratz, he believes that the Federal Reserve will reduce interest rates in 2021.
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2024-04-22 21:52