Fundstrat's Tom Lee backs year-end S&P target, says Bitcoin still has 'exponential growth' ahead

Widely followed analyst Thomas Lee continued to back his prediction that the S&P 500 will reach 4,800 by the end of the year, despite last week's selling pressure. Hitting this number would require a rally of more than 4% from current levels. In an interview with CNBC on Monday, the Fundstrat Global Advisors research chief also recommended continued investment in Bitcoin (BTC-USD), saying the cryptocurrency still had "exponential growth ahead" as it reaches more mainstream acceptance. Lee acknowledged that declines like the one suffered by Bitcoin (BTC-USD) over the weekend create pain for investors, but he contended that it made more sense to hold the crypto through the volatility than to try to trade the fluctuations. "Every year, Bitcoin makes all of its gains in 10 days and if you don't own Bitcoin for those 10 days, you're down 25% a year," he explained. "To me, the kind of weekend