Tom Lee, co-founder of Fundstrat and chairman of BitMine, believes that Bitcoin still has significant upside and could soar to $250,000 by the end of 2025, even as some crypto analysts begin to lower their expectations.
In a recent interview on the Coin Stories podcast with Natalie Brunell, Lee said, “I think Bitcoin could build on this $120K level before the year ends — $200K is possible, and even $250K.”
Back in November, Lee had already predicted that Bitcoin would hit $250,000 within 12 months.
Diverging Views Among Analysts
While Lee’s forecast aligns with bullish sentiments shared by figures like BitMEX co-founder Arthur Hayes and Unchained’s research lead Joe Burnett, other market experts are tempering their expectations.
Firms such as Bernstein and Standard Chartered now predict that Bitcoin will end 2025 at around $200,000, whereas Markus Thielen from 10x Research sees the price topping out closer to $160,000.
According to Lee, rising institutional interest may have changed Bitcoin’s typical four-year market cycle — a view that’s gaining traction among industry leaders. However, not everyone agrees.
Crypto analyst Rekt Capital argues that if Bitcoin follows its 2020 halving cycle, the next peak might arrive around October — about 550 days after the April 2024 halving. Meanwhile, Matt Hougan, CIO of Bitwise, went as far as declaring that the four-year cycle may no longer apply at all, suggesting that 2026 could be the next bullish phase.
Market Sentiment and Price Action
Lee’s projection comes amid ongoing market turbulence. After reaching a record high of $123,100 on July 14, Bitcoin has since corrected, dropping to around $112,000 over the weekend and hovering near $113,000 at the time of writing, according to data from Nansen.
Market sentiment has also shifted. The Crypto Fear & Greed Index, a popular gauge of investor mood, moved from “Greed” (score of 60) on Tuesday to a more cautious “Neutral” (score of 54) by Wednesday.
Lee sees this skepticism as a healthy sign. “Skepticism is good. If everyone is bullish, the optimism is already priced in. But when doubt remains, there’s room for surprise on the upside,” he said.
As for Bitcoin’s long-term potential, Lee still envisions a dramatic rise — ultimately seeing it reach $1 million in the future.
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