Fundstrat Global Advisors co-founder and Head of Research, Tom Lee, remains bullish on Bitcoin, predicting a significant price surge above $100,000 before the end of the year. In an interview on CNBC, Lee expressed confidence in Bitcoin’s potential, despite its current struggle to break through the psychologically important $100,000 mark.
Lee attributes his optimistic outlook to a combination of factors. He highlighted the historically strong performance of the S&P 500 in December, particularly following election years with gains exceeding 10%. Additionally, he pointed to the decline in bond yields to pre-election levels, suggesting a favorable environment for multiple expansion. He also noted a recent shift towards negative sentiment in the market, which he views as a contrarian bullish signal. Finally, Lee believes the “Trump put” and the “Fed put” continue to provide support for the market, encouraging investors to buy on dips.
Addressing Bitcoin specifically, Lee acknowledged the psychological resistance at the $100,000 level, suggesting some market participants, potentially including exchanges, are wary of a breakout due to the limited supply of Bitcoin available over the counter. He believes a move above this threshold could trigger a significant buying spree.
Despite the short timeframe, Lee doubled down on his prediction, stating Bitcoin will not only surpass $100,000 but close “well above” that level before year-end.
