Tom Lee Predicts Market Bottom This Week, Bitcoin Target Set at $150K
Tom Lee, CIO of Fundstrat, indicated in a recent CNBC interview that the market might be nearing a bottom, potentially this week. His outlook is shaped by economic uncertainties influenced by:
- Austerity measures from the Department of Government Expenditure (DOGE) reducing public spending
- Tariff policies impacting business confidence
Bitcoin's price has reversed again, currently at $83,000, down over 10% year-to-date. The Nasdaq 100 has also seen a nearly 10% decline, with another drop risking a bear market. Key upcoming job data may dictate short-term market direction; worse-than-expected results could lead to panic but might encourage the Federal Reserve to accelerate interest rate cuts.
The futures market anticipates 75 basis points of cuts this year, targeting a federal funds rate range of 3.50%-3.75% by year-end. The Fed has already enacted 100 basis points of cuts in this cycle.
Lee noted Bitcoin's downturn stems from cyclical market forces rather than negative news. He predicts a potential short-term price of $62,000, with a year-end target exceeding $150,000.