Fund analyst under Tom Lee: Bitcoin may drop to $60,000 to $65,000 in the first half of 2026, Ethereum may fall to $1,800 to $2,000

On December 20th, Sean Farrell, Head of Cryptocurrency Strategy at Fundstrat, a fund founded by Tom Lee, stated in the “2026 Cryptocurrency Outlook” report, “Although I believe that Bitcoin and the entire crypto market still have strong long-term bullish factors, and liquidity-driven support is expected to emerge in 2026, we may still need to digest several risks in the first/second quarter of 2026, which could present more attractive entry points. My baseline judgment is that there will be a relatively significant decline in the first half of 2026. Bitcoin may fall to $60,000–$65,000, Ethereum may drop to $1,800–$2,000, and SOL may decline to $50–$75. These levels will provide good opportunities for positioning before the end of the year. If this judgment proves to be wrong, I still prefer to maintain a defensive stance and wait for confirmation signals of a trend reversal. The year-end target for Bitcoin is approximately $115,000, and Ethereum’s year-end target may reach $4,500. Within this framework, ETH’s relative strength will be even more prominent. I believe this is reasonable because Ethereum has more favorable structural capital flow characteristics, including: no miner sell pressure, not affected by MSTR-related factors, and relatively lower concerns about quantum risks.”