Tom Lee Predicts New Bitcoin High in January, Flags Volatility for 2026

Fundstrat Global Advisors co-founder Tom Lee said Monday that bitcoin (BTC $92,248.07) has not yet peaked and could reach a new all-time high as early as January, reaffirming a bullish outlook for crypto and equities during a CNBC Squawk Box appearance.

“I don’t think bitcoin has peaked yet,” Lee said. “While we were overly optimistic about hitting the high-water mark before December, I believe bitcoin can set a new all-time high by the end of January 2026. Bitcoin, ethereum, and other cryptocurrencies have more room to run.”

The call follows a late-2025 pullback across digital assets. In August, Lee had predicted bitcoin would surpass $200,000 before year-end; it ultimately hit $126,000 in October and traded around $88,500 on Dec. 31, 2025.

Lee expects 2026 to be volatile but ultimately constructive. “The first half may be tough as institutions rebalance, but this reset sets the stage for a strong second-half rally,” he said, framing it as a normal digestion after years of outsized gains.

He is also bullish on ether (ETH), comparing its outlook to Bitcoin’s 2017–2021 run. Lee’s mining firm, Bitmine Immersion Technologies, now holds 4.14 million ETH. “Ethereum is dramatically undervalued. Exposure is a strategic necessity for modern treasuries,” he said.

On equities, Lee projected the S&P 500 could reach 7,700 by year-end 2026, citing resilient corporate earnings and AI-driven productivity. “Any pullbacks should be seen as opportunities. There’s a lot to be optimistic about,” he concluded.