The crypto and financial analyst Tom Lee considers that there are several stocks that could grow in the future after the Coronavirus crisis that we have been facing in recent weeks. In a recent letter sent to investors, he stated that indicators show different sectors are recovering. Regarding Bitcoin, he considers that the crypto market was very resilient to the recent financial market crash.
During the last months, the world has entered a recession due to the lockdowns imposed by governments. The goal was to stop the expansion of the virus and the negative effects it could have on the population.
Tom Lee Bullish About Specific Sectors
Despite the recent economic slowdown, there are specific industries that could be recovering in the coming months and weeks. This includes hotels and holiday-related firms that could benefit if lockdowns are lifted. In the letter, he shared some stocks that could grow and have the potential to recover.
Some of these stocks include BBX Capital (BBX), Hyatt Hotels (H), Hilton Worldwide Holdings (HLT), Marriot Vacations Worldwide (VAC), and many others.
Of course, users are also trying to understand whether virtual currencies have the potential to move higher or not. In the letter, he stated that Bitcoin (BTC) held very well the $5,000 level.
On the matter, Mr. Lee stated:
“From a technical perspective, I think a lot of folks thought $5,000 was the downside level and Bitcoin held that level. So I think that’s good. So at least you don’t have this dire technical picture.”
Bitcoin is going to be experiencing a halving event as soon as on May 12. This is going to be very bullish for Bitcoin in the long term. The new issuance of BTC will be reduced by half from 12.5 BTC to 6.25 BTC per block. The lower new issuance of BTC could positively impact the price of the virtual currency over time as demand for the asset grows. This could be bullish for both Bitcoin and altcoins.
Finally, Lee said that two things to take into account related to Bitcoin include a weakening dollar and the already mentioned halving event. These two things could be good for cryptocurrencies in general as long as the financial system in the United States remains functional.
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Currently, Bitcoin can be acquired for $9,300 and it has a market valuation of $170.7 billion.