The Managing Partner and the Head of Research at Fundstrat Global Advisors says stocks will be on the rise this month and that institutional investors will push Bitcoin (BTC) to new heights.
In a new interview with CNBC, Tom Lee says he’s targeting the $5,500 level for the S&P500 by the end of the month – about a 4.1% move from current prices.
[adinserter block="1"]“Inflation is coming in softer than expected and I think the job market is cooling, but not weakening dramatically. And I think that’s a good situation for equities. The sell-off in April actually hasn’t really been fully recovered. That’s why we expected a rebound in May, but I think that carries over into June.
There’s still $6 trillion of cash on the sidelines and margin debt is still way below where it was in October of 2021, so we know investors really aren’t that long yet. So I think that comes together this month, with a pretty surprisingly robust move higher.”
Later in the interview, Lee was asked if he was willing to double down on his forecast that BTC could hit $150,000 before the end of the year.
“Yes. We’re still constructive on Bitcoin. There’s the tailwinds that are associated with having that [recent event] just take place. We also know, because of the Bitcoin ETF (exchange-traded fund), and there have been tremendous inflows, but institutional adoption and infrastructure being built around Bitcoin is only beginning. And that makes crypto and especially Bitcoin a bona fide asset class.
And I think that sort of widening ownership is going to be propelling Bitcoin to $150,000. And again, surprise – maybe surprising or not surprising, Bitcoin still follows math. More than 87% of the movement in Bitcoin still follows just the number of wallets and the activity per wallet and both are moving higher.”
BTC is worth $70,525 at time of writing, up 2% in the last 24 hours.
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