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Fundstrat Global Advisors co-founder Tom Lee is reiterating an aggressively bullish outlook for digital assets, arguing that a “crypto winter” has ended and that a “crypto spring” could drive Bitcoin (BTC) and Ethereum (ETH) to new all-time highs before the end of 2026.
Lee’s latest year-end targets, attributed to the strategist, call for Bitcoin (BTC) to reach $200,000 and Ethereum (ETH) to rise to $12,000 by the end of 2026.
Lee’s forecast is built around the idea of a major capital rotation within crypto markets. He links the outlook to institutional accumulation and a reversal of the extreme negative sentiment that dominated the first quarter.
Lee’s current optimism follows earlier predictions made in March 2026, when he argued the market was approaching a macro reversal. At the time, he said “crypto winter” would end no later than April, citing contrarian indicators.
Lee pointed to what he described as “rage quitting” and widespread capitulation among retail traders as signs of a potential market bottom, suggesting that the end of a downturn often coincides with investors giving up on the asset.
Lee also dismissed concerns about a prolonged summer slump, saying 2026 would break the “sell in May and go away” pattern that had affected the previous two years.
Lee’s bullish stance has drawn criticism. Canadian billionaire and mining magnate Frank Giustra mocked the forecasts on social media, describing Lee’s continued optimism as “embarrassing to watch.” Giustra, a long-time “gold bug,” has argued that Bitcoin does not function as a legitimate store of value and has said physical precious metals are a more reliable hedge against systemic risk and inflation.
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