Fundstrat Global Advisors co-founder Tom Lee said Monday Bitcoin has yet to peak and could hit a new all-time high as soon as this month, doubling down on the bullish outlook for crypto and stocks during an appearance on CNBC Squawk Box.
“I don’t think bitcoin has peaked yet,” Lee said. “We were too optimistic about hitting the high point before December, but I believe bitcoin can reach a new all-time 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 pullback in digital assets in late 2025 and positions January as a potential breakout month, a notable escalation in Lee’s long-standing case for crypto bullishness. In August, Lee predicted that bitcoin would surpass $200,000 before the end of last year. Bitcoin ultimately hit an all-time high north of $126,000 in October, well below Lee’s forecast, and traded at around $88,500 on December 31, 2025, according to CoinDesk data.
Lee predicted that 2026 would be a volatile but ultimately constructive year for crypto markets. However, he warned of short-term turbulence caused by institutional repositioning ahead of a more solid second half.
“2026 will be a year of two halves. The first half of 2026 could be tough as we face an institutional rebalancing and ‘strategic reset’ in the crypto markets, but this 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 in 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 period. Last year, he said ether would hit an all-time high of $15,000 by December. This prediction was also a failure; The cryptocurrency’s highest price in 2025 was $4,830 and was trading at around $3,300 in December. During his Monday appearance, he demonstrated his continued bullish stance on ETH, with his crypto mining company Bitmine Immersion Technologies acquiring more ether. He now holds 4.14 million.
“Our belief is that Ethereum is significantly undervalued,” Lee said. “We believe ETH is entering a supercycle similar to Bitcoin from 2017 to 2021.”
He presented exposure to ETH 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 crypto, Lee offered one of Wall Street’s most aggressive stock forecasts, projecting the S&P 500 to hit 7,700 by the end of 2026 on resilient corporate profits.
“If you look at the fundamental strength of the U.S. economy and the productivity gains driven by AI, we see a trajectory toward the S&P 7,700 by the end of 2026,” Lee said. “This is supported by an EPS story that is far more resilient than the bears give it credit for.”
Yet Lee presented any setback as an opportunity rather than a warning. “There are many reasons to be optimistic in 2026.”
UPDATE (January 5, 2026, 6:05 p.m. UTC): Adds additional details and corrects Bitcoin’s all-time high price.
