Fundstrat Global Advisors Co-Founder Tom Lee Said Bitcoin on Monday hasn’t peaked yet and could hit a new all-time high as soon as this month, doubling down on a bullish outlook on cryptocurrencies and stocks during an appearance on CNBC Squawk Box.
“I don’t think Bitcoin has peaked yet,” Lee said. “We were overly optimistic about peaking before December, but I believe bitcoin can reach a new all-time high by the end of January 2026. Therefore, we should not assume that the prices of bitcoin, ethereum or other cryptocurrencies have already peaked.”
The call comes after a late-2025 pullback in digital assets and positions January as a potential breakout month, a notable escalation in Lee’s long-running cryptocurrency bull case. In August, Lee predicted that bitcoin would surpass $200,000 before the end of last year. Bitcoin eventually hit an all-time high of $126,000 in October, well below Lee’s prediction, and traded at around $88,500 on December 31, 2025, according to data from CoinDesk.
Lee predicted that 2026 will be a volatile but ultimately constructive year for crypto markets. However, he warned of short-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 may be difficult as we deal with institutional rebalancing and a ‘strategic reset’ in crypto markets, but that volatility is exactly what sets the stage for the massive rally we expect in the second half,” he said.
According to Lee, the reset is not a sign of structural weakness but rather a digestion phase after several 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 run from 2017 to 2021. Last year, he said ether would hit an all-time high of $15,000 in December. This prediction was also a mistake; The highest price of the cryptocurrency in 2025 was $4,830, and in December it was trading at approximately $3,300. In Monday’s appearance, he demonstrated his continued bullish stance on ETH, with his crypto mining company Bitmine Immersion Technologies acquiring more ether. Now it owns 4.14 million.
“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 10 times or more is a strategic necessity for any modern treasury,” Lee said.
Beyond cryptocurrencies, Lee outlined one of Wall Street’s most aggressive stock forecasts, projecting that the S&P 500 will hit 7,700 by the end of 2026 thanks to resilient corporate earnings.
“If we look at the fundamental strength of the US economy and AI-driven productivity gains, we are seeing a path to the S&P 7,700 by the end of 2026,” Lee said. “This is backed by an EPS story that is much more resilient than bears realize.”
Still, Lee framed any pushback as an opportunity rather than a warning. “There is a lot to be optimistic about in 2026.”
UPDATE (January 5, 2026, 18:05 UTC): Adds additional details and corrects Bitcoin’s all-time high price.
