Tom Lee, CIO of Fundstrat, recently spoke with CNBC, suggesting that the broader market may be nearing a bottom, potentially as soon as this week.

Lee’s outlook comes amid economic uncertainty as President Trump navigates his first 100 days in office. Several factors are contributing to market volatility, including the Department of Government Expenditure (DOGE) program, which imposes austerity measures that reduce public spending, and the tariff policies creating further uncertainty for businesses and investors.

Bitcoin (BTC) has experienced yet another reversal in price, filling in Friday’s CME gap and currently sitting at $83,000—down over 10% this year. Meanwhile, the Nasdaq 100 has also dropped nearly 10%, with another similar decline would trigger a bear market.

Lee points to Friday’s upcoming job data as a key event that could dictate short-term market direction. If the data is worse than expected, he anticipates an initial wave of panic, but Lee believes it could also prompt the Federal Reserve to accelerate interest rate cuts.

Currently, the futures market is pricing in 75 basis points of cuts for this year, which would bring the benchmark federal funds rate to a range of 3.50%-3.75% by year-end. So far, the Fed has already implemented 100 basis points worth of cuts in this cycle.

Lee also addressed bitcoin’s struggles, noting that its recent downturn is not driven by negative news but rather by cyclical market forces. He sees a potential short-term price target of $62,000 but still see’s bitcoin finishing over $150,000 by end of the year.

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