Tom Lee: We Are at the Beginning of a New Bull Market

On August 27th, Tom Lee, the chairman of BitMine's board, recently stated in a live interview with amit that "We are at the outset of a new bull market. When I refer to this as a new bull market, it doesn't imply that we haven't gone through an early-stage risk adjustment. That is, during the period from February to April this year, many people liquidated their positions. However, we have not yet witnessed the impact of two positive factors: First, if the Fed shifts to a dovish stance, it will bring about some positive market expectations; Second, the U.S. ISM index has been below 50, indicating that the economy has not truly entered an expansion phase. Only when this index rises above 50 and the Fed begins to cut interest rates can we truly see the arrival of a bull market. By that time, not only will the manufacturing industry recover, but the development of artificial intelligence and the reduction of mortgage rates will also further drive the market upward. Therefore, from the perspective of institutional investors, this is indeed a new bull market." Institutional investors believe that the low point in April this year was a period of forced risk reduction. At that time, there was high volatility and great uncertainty. In general, when institutional investors encounter these conditions, they are unable to make purchases. When there is a lack of visibility and high market volatility, they tend to de-risk.