The Managing Partner and the Head of Research at Fundstrat Global Advisors have made bold predictions about the stock market and Bitcoin in a recent interview. Tom Lee believes that stocks will experience a surge this month, with institutional investors driving Bitcoin to new heights.
Lee is targeting a $5,500 level for the S&P500 by the end of the month, representing a 4.1% increase from current prices. He attributes this potential rise to the fact that inflation is lower than expected and the job market is cooling, but not significantly weakening. In his view, these factors create a favorable situation for equities. Despite the sell-off in April, which has not been fully recovered, Lee anticipates a rebound in May that will continue into June. He points out that there is still $6 trillion of cash on the sidelines and margin debt is below the levels seen in October of 2021, indicating that investors are not heavily invested yet. Lee believes that these factors will converge this month, resulting in a surprisingly robust upward movement.
When asked about his forecast that BTC could reach $150,000 by the end of the year, Lee confidently stands by his prediction. He highlights the tailwinds associated with recent events and the growing institutional adoption and infrastructure around Bitcoin as factors that will propel its price. Lee considers Bitcoin to be a legitimate asset class and believes that widening ownership will contribute to its rise. He also notes that the movement of Bitcoin is largely influenced by the number of wallets and the activity per wallet, both of which are increasing.
As of now, BTC is valued at $70,525, reflecting a 2% increase in the last 24 hours.
Disclaimer: The opinions expressed in this article are not investment advice. Investors should conduct their own research before making high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are made at the individual’s own risk, and any resulting losses are their responsibility. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor does it provide investment advice. Please note that The Daily Hodl engages in affiliate marketing.
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