says<\/a> he\u2019s targeting the $5,500 level for the S&P500 by the end of the month \u2013 about a 4.1% move from current prices.<\/p>\n\u201cInflation is coming in softer than expected and I think the job market is cooling, but not weakening dramatically. And I think that\u2019s a good situation for equities. The sell-off in April actually hasn\u2019t really been fully recovered. That\u2019s why we expected a rebound in May, but I think that carries over into June. <\/em><\/p>\nThere\u2019s still $6 trillion of cash on the sidelines and margin debt is still way below where it was in October of 2021, so we know investors really aren\u2019t that long yet. So I think that comes together this month, with a pretty surprisingly robust move higher.\u201d<\/em><\/p>\nLater in the interview, Lee was asked if he was willing to double down on his forecast that BTC could hit $150,000 before the end of the year.<\/p>\n
\u201cYes. We\u2019re still constructive on Bitcoin. There\u2019s the tailwinds that are associated with having that [recent event] just take place. We also know, because of the Bitcoin ETF (exchange-traded fund), and there have been tremendous inflows, but institutional adoption and infrastructure being built around Bitcoin is only beginning. And that makes crypto and especially Bitcoin a bona fide asset class. <\/em><\/p>\nAnd I think that sort of widening ownership is going to be propelling Bitcoin to $150,000. And again, surprise \u2013 maybe surprising or not surprising, Bitcoin still follows math. More than 87% of the movement in Bitcoin still follows just the number of wallets and the activity per wallet and both are moving higher.\u201d<\/em><\/p>\nBTC is worth $70,525 at time of writing, up 2% in the last 24 hours.<\/p>\n