Bitcoin's rally to new heights signals even more momentum for a stock market that's also at all-time highs, according to Fundstrat's Tom Lee. "Bitcoin rising is, to me, breaking out of a holding pattern as a precursor to what the S & P 500 is going to do for the rest of the year," Lee said, adding that it's "very doable" for the broad market index to reach 6,300 before year-end. He advised investors to buy upcoming market dips.
Lee has made a recent string of bold, but mostly successful, forecasts in recent months. Last month, he called for a year-end stock market rally fueled by investor de-risking and "animal spirits" driving postelection gains, largely on hopes of greater deregulation. He's also said that small-cap stocks could get a boost from Federal Reserve interest rate cuts and Trump's business-friendly stances.