Fundstrat Global Advisors Research Head and Fundstrat Capital CIO Tom Lee recently shared his evaluations of the year-end outlook for global markets and the cryptocurrency sector on CNBC's 'Squawk Box' broadcast.
Optimistic Forecast for Traditional and Crypto Markets
Lee expressed expectations for a strong rally in traditional markets and made striking predictions specifically for cryptocurrencies.
Bitcoin's Potential Surge
According to Lee, Bitcoin could gain significant momentum towards the end of the year and potentially reach astronomical levels. He argued that the consolidation period following one of the largest liquidations in crypto history, which occurred in October, is nearing its conclusion. Lee pointed to strong fundamental indicators, such as the explosion of stablecoin volumes on Ethereum and record-breaking platform revenues, as key drivers for the price increase.
Price Targets for Bitcoin and Ethereum
In light of these positive fundamental indicators, Tom Lee predicts that Bitcoin could climb to the $150,000 to $200,000 range by the end of the year. He also set a target of $7,000 for Ethereum.
Impact of Falling Inflation on Markets
Lee further stated that inflation has fallen much faster than anticipated, largely due to the easing of housing costs. He suggested that this situation will provide support for markets by creating an environment where the Federal Reserve may consider bringing interest rate cuts to the agenda.