Tom Lee Predicts Market Bottom This Week, Still Sees Bitcoin Closing the Year at $150K

Fundstrat CIO Tom Lee believes the overall market could reach its lowest point this week amidst economic uncertainty stemming from government spending cuts and trade tariffs. Bitcoin's price has dropped to $83,000, a decline of over 10% this year, mirroring a similar drop in the Nasdaq 100. Friday's job data is a crucial factor that could influence the market's direction. Negative job data might cause initial panic but could also lead the Federal Reserve to speed up interest rate cuts. The market currently expects 0.75% in rate cuts this year, lowering the benchmark federal funds rate to between 3.50% and 3.75%. The Fed has already cut rates by 1% this cycle. Lee attributes Bitcoin's recent price drop to overall market trends, not Bitcoin-specific news. He anticipates a possible short-term drop to $62,000 for Bitcoin, but maintains his year-end price target of over $150,000.