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The Fundstrat cofounder Tom Lee said in his report that there was "significant volatility" in bitcoin's price around the expiration date of CME Group and Cboe futures contracts.
Stocks sank on Friday after President Donald Trump announced tariffs on aluminum and steel are coming.
Starbucks could be one of them.
The noted bitcoin uber-bull argues that the majority of bitcoin selloffs are "V-shaped," meaning a recovery could be imminent.
BI PRIME: The signal has only failed two out of eight prior times since 1928 when the market moved in a similar fashion.
Bitcoin fell 27% last week, its worst week in three years.
Tom Lee of Fundstrat has nearly doubled his forecast for bitcoin, calling for the cryptocurrency to hit $11,500 by mid-2018.
Some indicators of the market's momentum are warning of a drop.
Fundstrat Founder Tom Lee isn't so positive on the stock market these days, but he's amplifying his bullish bet on bitcoin.
Fundstrat's Tom Lee is worried about the stock market after being one of its biggest bulls for eight years.