Tom Lee Says Bitcoin’s $100K Milestone Could Be A ‘Precursor’ For Bullish Stock Moves, Asks Investors To Stay Focused On A ‘Christmas Santa Claus Rally’
Posted On December 6, 2024
Bitcoin’s (CRYPTO: BTC) surge beyond the $100,000 mark could be a harbinger of a bullish stock market, influential financial analyst Tom Lee said on Thursday.
What Happened: Lee, managing partner and head of research at Fundstrat Global Advisors, said in a CNBC interview, “I think Bitcoin rising is, to me, breaking out of a holding pattern is a precursor to what the S&P 500 is going to do for the rest of the year.”
Lee noted that Bitcoin’s rally reflected the market’s pro-risk sentiment. “I think it also just signals how much capital has been idle for the last couple of years, either parked in money market cash or waiting to see if the economy survives.”