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Tom Lee, the co-founder and research head at Fundstrat Global Advisors, recently appeared on ‘Squawk on the Street’ to talk about market predictions and his outlook on the price of Bitcoin (BTC).
Lee, who also provides analysis for CNBC, has once again been proven right in his prediction that inflation will continue to ease. As we move into the second half of the year, he has set a new target for the end of the year.
Lee believes that S&P earnings could surpass expectations. “Now that we are halfway through the year, the earnings for 2025 are looking much stronger than we initially anticipated. We initially thought around 260. It’s probably closer to 275, maybe 280, and even as high as 285,” he stated.
With the Fed having more reasons to be cautious and a potential softening in the job market, Lee suggests that price/earnings multiples could be higher next year. “So I would say that U.S. stocks should be higher from now until the end of the year. We had a strong first half, and the second half may not be as strong, but we need to build on those gains,” he added.
In addition to discussing the stock market, Lee also talked about Bitcoin. Despite BTC dropping below 60,000, it has now almost reached 63,000. Lee had the following to say about Bitcoin:
“Bitcoin is likely to reach $150,000 as Mt. Gox’s issues are starting to be resolved. This has been a major issue for many years, but if I had invested in crypto knowing that one of the biggest issues would be resolved in July, I think that would be a reason to expect a significant rebound in the second half.”
Lee still maintains that Bitcoin reaching $150,000 is a possibility.
One important thing to note, according to Lee, is that Bitcoin makes most of its gains each year within 10 days. If you remove the top 10 days in a single year, Bitcoin actually has a negative return.
*This is not investment advice.
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