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Bitcoin’s rally to new heights signals even more momentum for a stock market that’s also at all-time highs, according to Fundstrat’s Tom Lee. “Bitcoin rising is, to me, breaking out of a holding pattern as a precursor to what the S & P 500 is going to do for the rest of the year,” Lee said, adding that it’s “very doable” for the broad market index to reach 6,300 before year-end. He advised investors to buy upcoming market dips. ” Investors are pro-risk. I do think it also signals how much capital has been idle for the past couple of years, whether parked in money market cash or waiting to see if the economy survives,” Lee, the firm’s head of research, told CNBC’s “Squawk Box” on Thursday. “I don’t think $100,000 is the ceiling.” The flagship digital currency scaled above $100,000 for the first time late Wednesday and last traded around $101,000. Lee’s comments follow his bullish bitcoin call on Monday that turned out to be correct. He told CNBC he was confident that the digital currency would top $100,000 before year-end. Bitcoin is now up more than 140% in 2024 and more than 45% since the election, as investors bet President-elect Donald Trump’s new administration will lead to more favorable policies for the crypto industry. Trump on Wednesday nominated financier Paul Atkins , also a strong crypto supporter, as chair of the Securities and Exchange Commission. Before his election, he had also promised to launch a strategic national crypto stockpile. Lee has made a recent string of bold, but mostly successful, forecasts in recent months. Last month, he called for a year-end stock market rally fueled by investor de-risking and “animal spirits” driving postelection gains, largely on hopes of greater deregulation. He’s also said that small-cap stocks could get a boost from Federal Reserve interest rate cuts and Trump’s business-friendly stances.
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