Long-term bullish outlook remains intact
Tom Lee, co-founder of Fundstrat Global Advisors and Chairman of BitMine Immersion Technologies, believes that Bitcoin has not yet reached the peak of its current market cycle and could set a new all-time high as early as January 2026, as institutional capital returns to the digital asset market following the late-2025 correction.
Speaking on CNBC’s Squawk Box earlier this week, Lee stressed that the recent weakness in crypto markets does not signal the end of the bull cycle.
“I don’t think Bitcoin has topped,” Lee said. “We were probably too optimistic in expecting the peak before December, but I now believe Bitcoin could reach a new record high by the end of January 2026.”
He added that investors should not rush to conclude that Bitcoin, Ethereum, or other major digital assets have already peaked.
Lee’s comments come as the crypto market enters 2026 with clear signs of recovery. Bitcoin, Ethereum, and other large-cap tokens have posted broad gains, alongside renewed inflows into technology stocks and risk assets—suggesting that investor risk appetite is gradually returning after a prolonged defensive stance at the end of last year.
Bitcoin ETF inflows strengthen institutional confidence
A key factor underpinning Lee’s bullish outlook is the resurgence of inflows into spot Bitcoin ETFs. Market data shows that these products have recorded hundreds of millions of dollars in net inflows during the first trading sessions of the year, led by offerings from BlackRock and Fidelity.
According to analysts, this trend indicates that institutional investors do not view the late-2025 pullback as the end of the cycle, but rather as an opportunity to reaccumulate Bitcoin at more attractive price levels.
Lee has long argued that Bitcoin is transitioning from a speculative asset into a strategic allocation within institutional portfolios. The renewed momentum in ETF inflows serves as tangible evidence supporting this thesis and expands the upside potential for Bitcoin in the medium term. Some analysts have even suggested that Bitcoin could target the $180,000 level if capital inflows remain steady.
Back in August 2025, Lee predicted that Bitcoin would surpass $200,000 before year-end. In reality, the world’s largest cryptocurrency peaked at just over $126,000 in October, before retreating to around $88,500 on December 31, 2025, and has since rebounded to approximately $93,666 at the time of writing.
