Fundstrat’s Tom Lee sees the recent surge in bitcoin prices above $100,000 as a bullish signal for the stock market. According to Lee, the rally signals momentum for a market that is also at all-time highs. He predicts the S&P 500 could reach 6,300 by year-end and advises investors to buy upcoming market dips.
Lee attributes the rally to excess capital from the past couple of years, parked in low-yielding investments like money market cash. He believes $100,000 is not a ceiling for bitcoin prices and expects further growth. This comes after Lee made a series of bold forecasts in recent months, including predictions for a year-end stock market rally fueled by investor de-risking and deregulation.
Lee’s bullish stance on bitcoin follows his previous call that the digital currency would top $100,000 before year-end, which was correct. The price of bitcoin has surged over 140% in 2024 alone, driven by investor expectations of a crypto-friendly administration under President-elect Donald Trump.
Source: https://www.cnbc.com/2024/12/05/fundstrats-tom-lee-thinks-the-bitcoin-rally-above-100000-is-a-bullish-signal-for-stocks.html