Fundstrat’s Tom Lee remains confident that Bitcoin could still finish 2025 with a massive rally — despite the turbulence that has rocked crypto markets since mid-October.
Speaking on CNBC, the Fundstrat Global Advisors head of research said he believes Bitcoin can reach between $150,000 and $200,000 by the end of the year, even after what he described as one of the largest liquidation events in crypto history.
“If I look at everything since October 10th — because that was the biggest liquidation in the history of crypto, bigger than FTX, a margin call tsunami — we’re only a couple weeks from that,” Lee said.
For context, on October 10, President Trump announced sweeping 100% tariffs on Chinese goods and new export controls in response to China’s aggressive rare-earth restrictions. His remarks triggered a sharp sell-off across global markets and crypto assets.
Bitcoin plunged from around $117,000 to below $108,000 before rebounding to the $113,000 range amid extreme volatility. Since then, Bitcoin and the broader crypto market has bled to lows of $104,000 before settling at $107,000 currently.
“I think the market is consolidating. But if I look at fundamentals, like Ethereum and stablecoin volumes exploding and application revenues at all-time highs, right now fundamentals are leading the price in crypto,” Lee said.
Lee said the recent weakness may just be a pause before another rally, with solid fundamentals quietly setting up a year-end surge.
“Eventually we consolidate and then we rally into year end — $150,000 to $200,000 for Bitcoin, and something like $7,000 for Ethereum,” he added.
A broad bullish outlook outside of Bitcoin
Lee’s optimism isn’t limited to Bitcoin.
In the same interview, he argued that U.S. equities remain in a strong position despite ongoing worries about China, the Federal Reserve, and a potential government shutdown.
“The market’s been up six months in a row now. Only six times since 1928 that’s happened,” Lee noted. “So if you look at November, it should be really strong. I think at least 200 points on the S&P — maybe even 250.”
He pointed to negative investor sentiment and underperforming fund managers as contrarian indicators for further upside.
According to Lee, more than 80% of fund managers are lagging their benchmarks this year — creating potential for a “performance chase” as the year closes.
“Investors feel like it’s a bear market, but we’re up 17%. That kind of tells me there’s a big performance chase into the year-end,” he said.
“Strong years end strong”
Asked if he could still see Bitcoin surging above $150,000 given the recent weakness, Lee didn’t hesitate.
“Yeah, I think we can still get to $150,000–$200,000 for Bitcoin,” he said confidently, adding that Ethereum could follow toward $7,000.
For Lee, the setup into year-end mirrors what he’s seeing across broader risk assets: a market that’s been climbing a “wall of worry,” ready for another breakout once consolidation ends.
“Strong years end strong,” he reminded viewers.
