Tom Lee: We Are Currently in the First Wave of the Bull Market, Institutions are Betting on a "Big Rally" in the Fourth Quarter

BlockBeats News, September 1st, Tom Lee said during his appearance on CNBC:

“I think the number of true holders of cryptocurrency is actually very small. Because of this, I believe Bitcoin could easily surpass six figures (such as above $100,000), although it may also be impacted by interest rate hikes. As for the direction of the cryptocurrency market, I think this will be a good test, but we have already seen long-term yields rising. So, if we see the Fed raising rates and long-term yields are instead falling, it is actually equivalent to monetary easing. Therefore, the key may be how long-term yields react to Fed rate hikes.

“I think we are currently only in the first wave of the rally because the recent cryptocurrency market surge caught many people off guard. Yes, I believe institutional investors are buying stocks related to cryptocurrency, which is evident—trading volume has surged significantly, a signal that they are betting on a major rally in the fourth quarter. I think $150,000 is still possible, and well, it's not that far from where we are now.”