In a recent interview, Tom Lee, the chair of BitMine Immersion Technologies Inc. (NYSE: BMNR), expressed optimism regarding the waning effects of the ongoing “cryptocurrency winter.” He believes that Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) are approaching their lowest points, suggesting a potential turnaround in the market.
Lee referenced insights from Tom DeMark, a timing advisor at BitMine. According to DeMark, Bitcoin could find support at approximately $60,000, while Ethereum might see a bottom around $1,890. Lee added, “I think it touched it to the penny. He thinks we just have to undercut it once more, and that’s the low. This means we’re really close to the end.” He speculated that the end of this crypto slump could arrive as soon as April, if it hasn’t occurred already.
This hopeful outlook comes as cryptocurrencies experience significant price drops, with Bitcoin having plummeted about 45% from its all-time peak in October. Fidelity’s Jurrien Timmer recently echoed a similar sentiment, labeling the $60,000 mark for Bitcoin as a potential cycle bottom.
Influential traders within the cryptocurrency community, however, seem to agree that the recovery process may not be swift, predicting instead a “slow, grinding” rebound rather than a quick V-shaped recovery.
Lee’s remarks arrive on the heels of his previous predictions related to cryptocurrencies. Earlier in January, he anticipated a 10-15% pullback influenced by the actions and policies of the White House and the Federal Reserve. Fundstrat, the firm he co-founded, has faced scrutiny in the past for inconsistent predictions regarding Bitcoin’s future. Sean Farrell, the head of digital asset strategy at Fundstrat, outlined a base case where Bitcoin may dip further into the $60,000-$65,000 range by early 2026. In contrast, Lee suggested that Bitcoin could potentially achieve new all-time highs in the same timeframe.
As the cryptocurrency sector continues to evolve amidst economic fluctuations, investors and analysts alike are closely monitoring these developments. The growing popularity of cryptocurrencies as part of diversified portfolios underscores the increasing interest in alternative investment strategies that transcend traditional market sectors.
