Market Bottom May Be Near Amid Key Economic Data

According to Foresight News, Fundstrat's Chief Investment Officer Tom Lee suggested in an interview with CNBC that the market might be in the process of forming a bottom, potentially reaching it as early as this week. Lee emphasized the importance of the upcoming employment data, noting that if the figures fall short of expectations, it could trigger a brief panic. However, this might also prompt the Federal Reserve to accelerate interest rate cuts. Lee anticipates a reduction of 75 basis points in the federal funds rate this year, bringing it down to a range of 3.50%-3.75% by the end of the year. Regarding Bitcoin (BTC), Lee attributed the current pullback to cyclical market fluctuations rather than negative news. He predicts a short-term dip to $62,000 but remains optimistic that BTC will surpass $150,000 by year-end.