Fundstrat’s Tom Lee has predicted that crypto (particularly Ethereum) could outperform in the fourth quarter of the year.
His market research firm expects the U.S. Federal Reserve to follow through and start cutting rates.
Lee’s price targets for ETH
Lee believes that Ethereum (ETH) will be able to hit $5,500 within the next couple of weeks.
By the end of the year, ETH would be able to approach $10,000 or $12,000, Lee says.
Lee has noted that crypto tends to show more volatility in the fourth quarter of the year.
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“September is the month everyone’s gonna be worried about, so that’s the month you might get a pullback, but you need to be buying the dip,” Lee noted.
Earlier today, Ethereum managed to reclaim the $4,600 level while Bitcoin seemingly continues its anemic price action, which shows that there is strong bullish momentum.
Massive ETH holdings
According to data provided by analytics firm Arkham, Lee holds nearly $7 billion worth of ETH tokens, rapidly outpacing some of the other top corporate treasury tokens.
World’s most important company
Lee believes that Nvidia is currently one of the most “important” companies in the world.
“So, I think Nvidia still is a great story. It really wouldn’t change our thesis if the stock reacted poorly, Lee said.
The Fundstrat pundit insists that Nvidia is “a great story.”
Bevy of IPOs
Lee has also predicted that there would be a “bevy of IPO” over the 12 months. “And I think, you know, if we look at the next 12 months, there’ll be a bevy of IPOs, some really big companies that are later stage,” Lee said.