Fundstrat Global Advisors Research Head and Fundstrat Capital CIO Tom Lee evaluated the year-end outlook for global markets and the cryptocurrency sector on CNBC's 'Squawk Box' broadcast.
Expecting a strong rally for traditional markets, Lee made striking predictions, especially for cryptocurrencies.
According to Lee, Bitcoin could gain momentum towards the end of the year and reach astronomical levels. He argued that the consolidation period following one of the largest liquidations in crypto history in October is nearing an end, and that strong fundamentals, such as the explosion of stablecoin volumes on Ethereum and record-breaking platform revenues, are driving the price.
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, while also setting a $7,000 target for Ethereum.
Lee also stated that inflation has fallen much faster than expected, particularly thanks to the easing of housing costs, and suggested that this situation will support markets by paving the way for the Fed to bring interest rate cuts to the agenda.
*This is not investment advice.
