Tom Lee, co-founder of Fundstrat Global Advisors, doubled down on his bullish crypto outlook during a Monday appearance on CNBC's Squawk Box, stating Bitcoin has not yet peaked and could reach a new record high as soon as January 2026. He also warned that the year will be split into two distinct halves, with turbulence early on giving way to a massive rally later.
Bitcoin ATH Expected by End of January
“I don’t think bitcoin has peaked yet,” Lee said. “We were overly optimistic about achieving the high-water mark before December, but I do believe that bitcoin can hit a new all-time high by the end of January 2026. So, we should not assume that the prices of bitcoin, ethereum, or other cryptocurrencies have already peaked.” Lee had previously predicted Bitcoin would surpass $200,000 by the end of 2025; the actual peak was around $126,000 in October 2025, with Bitcoin trading at about $88,500 on Dec. 31, according to CoinDesk.
Volatile Two-Half Year in 2026
Lee characterized 2026 as “a year of two halves,” with the first half likely pressured by institutional rebalancing and a “strategic reset” across crypto markets. He stressed this reset is not structural weakness but a digestion period after years of outsized gains. “That volatility is exactly what sets the stage for the massive rally we expect in the back half,” he said.
Ethereum Supercycle Thesis
The strategist showed particular conviction on Ether, calling it “dramatically undervalued” and entering a supercycle similar to Bitcoin’s 2017–2021 run. Despite his earlier prediction of $15,000 by late 2025 falling short (Ether peaked at $4,830 in 2025), Lee stood by his thesis. His crypto mining firm Bitmine Immersion Technologies recently added more Ether, now holding 4.14 million ETH. “Acquiring an asset that can appreciate by 10 times or more is a strategic necessity for any modern treasury,” Lee said.