A significant rise in Bitcoin and Ether prices is expected in the fourth quarter of 2023 due to easing monetary policy in the U.S.
Tom Lee's Forecast for Cryptocurrency Growth
According to Tom Lee, co-founder of Fundstrat and chairman of BitMine, Bitcoin and Ether are likely to see considerable price increases over the next three months. He highlighted the high sensitivity of these cryptocurrencies to monetary liquidity and global monetary policy, which, combined with strong seasonality, could lead to a sharp rise in their prices.
Historical Comparison to the 1990s
Lee compared the current situation in cryptocurrencies to September 1998, when the Federal Reserve also paused rate hikes and subsequently cut them. He emphasized that this could restore confidence and improve liquidity in the market.
BitMine's Position and Ethereum's State
BitMine recently reported holding over 2.15 million ETH and assets worth $10.77 billion. Lee believes that the movement of Wall Street and the development of AI in blockchain are creating a supercycle for Ethereum.
Expectations for Bitcoin and Ether's growth in the coming months, supported by changes in monetary policy and technological advancements, present an optimistic outlook for the cryptocurrency market.
