Fundstrat Global Advisors’ co-founder and head of research, Tom Lee, has his bullish outlook on the crypto market and its Bitcoin– Maintain forecast of $ 100,000. The Wall Street strategist confirmed that the world market is in an “everything rally” and that the value of the investment instruments is expected to rise due to the favorable economic conditions.
Lee had predicted that Bitcoin would hit $ 100,000 before the end of the year. And while speaking with CNBC this week, he reiterated that his forecast, along with his outlook for the stock markets, is still intact.
Global stock market
Lee cited the Federal Reserve Bank’s approach as a bullish driver for the global stock market. According to the analyst, the FED’s confirmation that interest rates would remain unchanged despite the risk that the Omicron variant of COVID-19 poses to the global economy reassures investors that the FED has its back.
“The [FED] Framework carries the risk that variants like the delta variant will slow down the economy, and if Omicron has an influence they could reset this framework … This is a template that the market understands and agrees with. “
Lee was particularly focused on the S&P 500 index stock, forecasting it to hit $ 4,800 before the end of the year and possibly soar towards $ 5,000 as well.
Lee’s crypto optimism is shared by the majority of crypto gamers who assume the most Cryptocurrencies will end the year on an upward trend.
According to previous performance, Bitcoin is historically known to do very well in the fourth quarter and if it doesn’t, it will bounce back in the next quarter, the first quarter of next year.
Besides Bitcoin, Ethereum (ETH) will probably also close the year strong. For the past few days, Ethereum has outperformed Bitcoin, and there is good prospect among traders that it could hit $ 5,000 before the end of the year.
Other altcoins, particularly Metaverse tokens, have also performed very well and are expected to last through the end of the year.
Source: Crypto News Deutsch