Fundstrat Global Advisors co-founder Tom Lee said on Monday Bitcoin has yet to peak and could hit a new all-time high as early as this month, doubling down on a bullish crypto and stock outlook during a CNBC Squawk Box appearance.
“I don’t think bitcoin has peaked yet,” Lee said. “We were overly optimistic about reaching the high water mark before December, but I believe that bitcoin can reach a new record 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 that bitcoin would exceed $200,000 by the end of last year. Bitcoin ultimately hit an all-time high of $123,233 in October and traded at around $88,500 on December 31, 2025, according to Coingecko data.
Lee predicted that 2026 will be a volatile but ultimately constructive year for crypto markets. However, he warned of near-term turbulence driven by institutional repositioning ahead of a stronger second half.
“2026 will be a year of two halves. The first half of 2026 could 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 after several years of big gains across risk assets.
Lee was particularly 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 in December. The cryptocurrency’s peak price in 2025 was $4,830, and it traded at around $3,300 in December. In Monday’s appearance, he demonstrated his continued bullish ETH stance, with his crypto mining company Bitmine Immersion Technologies acquiring more ether. It now holds 4.14 million.
“Our belief is that Ethereum is dramatically undervalued,” Lee said. “We believe that ETH will enter a super cycle similar to Bitcoin from 2017 to 2021.”
He framed ETH exposure as a balance sheet requirement rather than a speculative bet. “Acquiring an asset that can appreciate 10 times or more is a strategic imperative for any modern treasury,” Lee said.
Beyond crypto, Lee outlined one of Wall Street’s most aggressive stock forecasts, expecting the S&P 500 to reach 7,700 by the end of 2026 on the back of robust corporate earnings.
“If you look at the fundamental strength of the US economy and the AI-driven productivity gains, we’re looking at a path to the S&P 7,700 by the end of 2026,” Lee said. “This is supported by an EPS history that is far more resilient than the bears give it credit for.”
Still, Lee framed any withdrawal as an opportunity rather than a warning. “There is much to be optimistic about in 2026.”
