The advance of Bitcoin (CRYPTO:BTC) Beyond the $100,000 Mark Could Be a Harbinger of a Bullish Stock Market, Influential Financial Analyst Claimed Tom Lee on Thursday.
What happened
Lee, managing partner and head of research at Fundstrat Global Advisorssaid in an interview with CNBC: “I think the rise of Bitcoin is, for me, an indication of what the S&P 500 index is going to do for the rest of the year.”
Lee noted that Bitcoin’s rise reflects the risk sentiment in the market. “I think it’s also a sign of how much capital has been sitting idle for the last two years, either parked in money market cash or waiting to see if the economy survives.”
Lee said investors would have plenty of macroeconomic data to analyze in the coming days, including the November jobs report, November Consumer Price Index data and the Federal Reserve meeting to decide on interest rates.
“I think once we get through these events, investors will actually be able to invest in that sort of Santa Claus Christmas rally,” he added.
Lee also reaffirmed his previous projection that the S&P 500 index will shoot up to 6,300 by the end of the year.
Why is it important
Earlier in the week, Lee predicted that the price of Bitcoin would rise above $100,000, which has already come true.
He also predicted that the top digital asset would peak at $250,000 by the end of 2025, driven by potential legitimization in the United States and increased recognition.
Cryptocurrency advocates have high hopes that the administration of US President-elect donald trump be favorable for the sector. Meanwhile, Trump named the renowned venture capitalist David Sacks as the White House’s first “AI and Cryptocurrency Czar” on Thursday.
Bitcoin price movement
At the time of writing, Bitcoin was trading at $98,213.54, down 4.26% in the last 24 hours, according to data from Benzinga Pro. The S&P 500 closed down 0.19% at 6,075. .11 during Thursday’s regular session.
Photo courtesy of Shutterstock
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