Fundstrat Global Advisors co-founder Tom Lee said Monday Bitcoin BTC$93,554.02 has not yet peaked and could reach a new all-time high as soon as this month, doubling down on a bullish crypto and equity outlook during a CNBC Squawk Box appearance.
“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.”
The call comes after a late-2025 pullback across digital assets and positions January as a potential breakout month, a notable escalation in Lee’s long-running crypto bull case. In August, Lee predicted bitcoin would surpass $200,000 before the end of last year. Bitcoin ultimately hit an all-time high of $123,233 in October and traded at around $88,500 on Dec. 31, 2025, according to Coingecko data.
Lee predicted 2026 will be a volatile but ultimately constructive year for crypto markets. However, he warned of near-term turbulence driven by institutional repositioning before a stronger second half.
“2026 is going to be a year of two halves. The first half of 2026 may be tough as we deal with institutional rebalancing and a ‘strategic reset’ in the crypto markets, but that volatility is exactly what sets the stage for the massive rally we expect in the back half,” he said.
According to Lee, the reset is not a sign of structural weakness but rather a digestion phase following multiple years of outsized gains across risk assets.
Lee was especially bullish on ether, arguing that the asset is entering a multi-year expansion phase reminiscent of Bitcoin’s 2017–2021 run. Last year, he said ether would hit an all-time-high of $15,000 by December. The cryptocurrency's highest price in 2025 was $4,830, and it traded at roughly $3,300 in December. In Monday's appearance, he demonstrated his continued bullish ETH stance, with his crypto mining firm Bitmine Immersion Technologies acquiring more ether. It now holds 4.14 millions.
“Our belief is that Ethereum is dramatically undervalued,” Lee said. “We believe ETH is entering a supercycle similar to Bitcoin from 2017 to 2021.”
He framed ETH exposure as a balance-sheet imperative rather than a speculative bet. “Acquiring an asset that can appreciate by 10 times or more is a strategic necessity for any modern treasury,” Lee said.
Beyond crypto, Lee outlined one of Wall Street’s most aggressive equity forecasts, projecting the S&P 500 to reach 7,700 by the end of 2026 on the back of resilient corporate earnings.
“If you look at the fundamental strength of the U.S. economy and the AI-driven productivity gains, we are looking at a path to S&P 7,700 by year-end 2026,” Lee said. “This is supported by an EPS story that is far more resilient than the bears are giving it credit for.”
Still, Lee framed any pullbacks as opportunity rather than warning. “There’s a lot to be optimistic about in 2026.”