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Market bottom may be near amid key economic data
According to Foresight News, Fundstrat Chief Investment Officer Tom Lee suggested in an interview with CNBC that the market could be in the process of forming a bottom, potentially reaching it as early as this week. Lee emphasized the importance of the upcoming jobs data, noting that if the numbers fall short of expectations, it could trigger a short-term panic. However, it could also prompt the Federal Reserve to accelerate interest rate cuts.
Lee expects a 75 basis point cut in the federal funds rate this year, which would bring it down to the 3.50%-3.75% range by the end of the year. As for bitcoin (BTC), Lee attributed the current pullback to cyclical market fluctuations rather than negative news. He predicts a short-term drop to $62,000, but remains optimistic that BTC will exceed $150,000 by the end of the year. 7 replies
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