Tom Lee: Bitcoin rebound may be coming, market may be near bottom

According to U.Today, Bitcoin bull Tom Lee said in a recent interview with CNBC that the market is in a good position to rebound. Lee noted that median short interest in stocks has surged to its highest level in three years. "Now we just need a positive catalyst. As long as inflation tracks better than expected, I think we're in a good position to rebound," he said.

Lee added that the market may be close to a potential market bottom. Despite the growing bearish sentiment, Fundstrat's Lee still believes that sharp corrections are normal during bull cycles. "There are a lot of top hawkers. To me, it's a good opportunity," he said.

Last week, Federal Reserve Chairman Jay Powell admitted that returning inflation to the much-anticipated 2% target will take "longer than expected." This comes after long-term inflation expectations surged to their highest level in more than a year.

Inflation remains investors' top concern, according to the April BofA Credit Investor survey. Still, nearly half of investors (45%) expect a soft landing from central banks. However, cryptocurrency bull Mike Novogratz firmly believes that the Federal Reserve will still have to cut interest rates this year.