BitMine Immersion Technologies Inc. (NYSE:BMNR) Chair Tom Lee said on Monday that the “cryptocurrency winter” is nearing its end, paving the way for a “cryptocurrency spring.”
Why Lee Thinks Crypto Winter Is Over
In his latest message to shareholders, Lee stated that an Ethereum (CRYPTO: ETH) close above $2,100 in May would mark three straight months of gains for the cryptocurrency.
“There’s never been a crypto winter where Ethereum has closed up three consecutive months in a row,” the Wall Street analyst said. “In other words, the fact that we’re up three months in a row means crypto winter is over.”
That said, Lee acknowledged the “fog of war” caused by the geopolitical pressures of the Iran conflict.
Ethereum: A Wartime Store Value?
Lee further emphasized Ethereum’s strong performance since the beginning of the Iran war, with gains of more than 19%.
“It’s performing as a wartime store value,” he added.
Take It With A Pinch Of Salt
Lee is known for releasing these projections from time to time. He said in mid-February that cryptocurrency winter could end by April at the latest. In March, he declared that the cryptocurrency market had moved past its winter phase and could climb in the rest of the month.
This time, however, his view has more backing. Matt Hougan, Chief Investment Officer at Bitwise Asset Management, argued last week that Bitcoin (CRYPTO: BTC) may have already left its “winter phase,” asserting it will not drop below the lows recorded earlier in February
Lee’s remarks coincided with BitMine’s decision to slow down its Ethereum acquisitions last week. The firm bought 26,659 ETH last week, down 75% from its recent weekly average of 100,000 ETH
Price Action: At the time of writing, ETH was exchanging hands at $2,310.69, down 1.17% in the last 24 hours, according to data from Benzinga Pro.
BitMine shares were down 1,74% in overnight trading after closing 3.83% higher at $23.02 during Monday’s regular session.
The BMNR stock showed a weaker medium- and long-term price trend but strong short-term performance, according to Benzinga's Edge Stock Rankings.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Avi Rozen on Shutterstock.com
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