Tom Lee says crypto winter is nearly over, calling price target bottoms for Bitcoin and Ethereum.
Tom Lee has claimed that Bitcoin (BTC ) and Ethereum (ETH) are close to finding a bottom after months of declines, arguing the current crypto winter is “near the end” even as skepticism grows following a series of missed calls earlier this year.
The comments come as institutional investors have increased exposure to BitMine, with BlackRock and Cathie Wood’s Ark Invest snapping up millions of shares in the Ethereum treasury.
Speaking in an interview with Farokh, Lee said deteriorating sentiment and weak price action suggest the market is in its final phase of capitulation.
Lee cited technical analysis from market strategist Tom DeMark, who has projected that Bitcoin will fall toward $60,000 and that Ethereum will bottom around $1,890 after failing to hold support near $2,400.
Lee said Ethereum had effectively reached that target and may require “one more undercut” before making a lasting low.
He added that crypto’s downturn could end by April at the latest.
Lee’s renewed bottom call comes after a volatile start to the year for digital assets.
Crypto markets have struggled since the fourth quarter, with Ethereum and Bitcoin down 60% and 45% from their all-time highs, respectively.
The Fundstrat co-founder has come under fire this year for making high-profile bullish projections on Bitcoin and Ethereum that did not materialize.
In early March 2025, he claimed Bitcoin could do “better than $150,000” by year-end, later raising that to “easily” reach $200,000.
Meanwhile, he also called for Ethereum to reach between $7,000 and $9,000 by the end of January.
Neither of these forecasts materialized by a wide margin, prompting a flurry of backlash on social media.
Why Is Crypto Lagging Behind Gold?
Lee also addressed why Bitcoin and Ethereum have struggled even as gold and other risk assets rallied against the U.S. dollar.
He claimed gold’s surge has created a “FOMO” effect that pulled capital away from digital assets, particularly as precious metals gained strength across the board.