BlockBeats News, May 15th, Jerome Powell's term as Chair of the Federal Reserve officially ended. The day before, the U.S. Senate approved Wash's appointment as Fed Chair with a slim majority of 54 votes in favor and 45 votes against.

More intriguingly, on Wash's first day in office, the mid-term upward trends of the U.S. stock market and Bitcoin also came to a synchronous end. The S&P 500 index quickly fell back after peaking at 7501 points on May 14th; Bitcoin, on the other hand, reversed course after failing to break through $82,000 on the 15th, experiencing multiple accelerated downturns in recent days, and is currently barely holding above $77,000.

Despite Tom Lee being ridiculed numerous times for his "irrationally bullish" stance on cryptocurrencies since becoming Chairman of BitMine, the "Wall Street Oracle" has already seen part of his early-year script come true. On January 8th this year, Tom Lee predicted during an interview with CNBC that 2026 would be a year of "joy, depression, and rally," similar to 2025. He stated that the market would at some point feel like it's "entering a bear market," but a strong rebound would follow, leading to a bullish end to the year, with the S&P 500 index expected to reach 7700 points by the end of 2026.

He specifically mentioned that the market could see a 15% to 20% pullback during the early days of the new Fed Chair's tenure, especially in the latter half of the year. However, this wouldn't mark the end of the bull market but rather a significant buying opportunity.