Amid Bitcoin (BTC) defending a crucial support level, Tom Lee has declared the end of the crypto winter, projecting significant year-end expectations for both the leading cryptocurrency and Ethereum (ETH).
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Tom Lee Sets $200,000 Bitcoin Target
Tom Lee, the chairman of Bitmine Technology, Ethereum’s largest treasury firm, made bold end-of-year price forecasts for the top two cryptocurrencies by market capitalization.
Speaking at Consensus 2026, Lee predicted that Bitcoin could surge beyond its all-time highs by the end of the year, with a price range of $150,000 to $200,000. He also anticipated Ethereum reaching new highs between $9,000 and $12,000, attributing his optimistic outlook to the perceived end of the crypto winter and the potential for a recovery rally in the coming months.
Lee stated, “Crypto Spring has begun, and despite muted investor sentiment, crypto prices are strengthening.” He also mentioned that the approval or rejection of the crypto market structure bill would confirm the arrival of crypto spring.
Lee’s bullish predictions coincide with Bitcoin’s defense of a crucial support area. Bitcoin had been trading between $74,000 and $79,000 before breaking out earlier this week.
After surpassing the $80,000 mark on Monday for the first time since January, Bitcoin approached the key $82,500 resistance before facing rejection on Thursday. Currently, Bitcoin is trading between $79,000 and $80,000, a range that analysts believe could determine the fate of BTC’s rally.
BTC Faces Critical Support Test
Rekt Capital noted that Bitcoin has successfully held the 21-week EMA around $78,000 but cautioned that the move through this resistance area has not been sustainable, potentially leading to another retest of the 21-week EMA.
To prevent a complete rejection from the resistance area, Bitcoin must successfully retest the 21-week EMA and avoid dropping into the mid-$70,000s between the 21-week EMA and the 50-week EMA.
Market analyst Ali Martinez highlighted that Bitcoin is currently hovering around a significant resistance level, with new whales holding an average cost basis of $80,300. If Bitcoin fails to maintain this support, these whales may sell to minimize losses, exerting downward pressure on prices.
Martinez warned that a wave of selling pressure could push prices lower if new whales panic-sell. Conversely, turning the $80,300 level into support would signal diminished selling pressure.
Featured Image from Unsplash.com, Chart from TradingView.com