Despite the volatile start to the year, uber-bull Jeremy Siegel still thinks the Dow Jones industrial average could hit 20,000 this year. However, he told CNBC, it may be a bumpy ride.
That's because while the favorable market trends are in place, the strong U.S. dollar is a headwind for both the U.S. economy and the stock market.
"Almost 40 percent of revenues of S&P companies come from abroad. Those revenues are going to translate into less dollars," the Wharton School finance professor said in an interview with "Closing Bell."
"We're going to get cheaper imported goods, which is ultimately good for the consumer, but there are going to be headwinds in terms of selling abroad, in terms of translating."