Bitmine CEO Tom Lee is taking an unusually bullish view of the crypto market’s current trajectory.
Lee, while speaking at the Korean Blockchain Week, noted that the market is entering a historic bull cycle, driven by broader institutional participation, growing mainstream adoption, and the expanding role of digital assets in the global financial system.
His comment comes as Bitcoin trades at
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$83,803, in a significant upsurge despite cooling from its high above $87,000. The Kobeissi letter noted that Bitcoin is up 43.1% so far in Q3 2026, on track for its best quarterly performance since Q4 2024.
Notably, Lee’s forecast comes as Bitcoin heads towards its strongest quarter in nearly two years, though uncertainty over interest rates continues to weigh on crypto markets.
Bitcoin is struggling to make its next move up after its August comeback, though it is still trading at much stronger levels than over the summer, when it stalled in the $60,000 zone.
Lee believes the crypto market bull market has begun, maintaining his $150,000 target for Bitcoin. His outlook is built around several potential catalysts. He expects investors who previously reduced their crypto exposure to return as the current four-year crypto cycle approaches its later stages.
He also pointed to increasing institutional participation and potential progress on U.S. crypto legislation, particularly the CLARITY Act, as factors that could support Bitcoin and Ethereum.
Under Lee’s scenario, Bitcoin reaching his projected price, would represent a substantial recovery from the levels seen during the recent market downturn.
His forecast places particular importance on the fourth quarter, which he expects could bring stronger institutional demand and renewed momentum across the crypto market. His outlook suggests that the current cycle could extend well beyond the patterns seen in previous crypto markets.
This prediction stands in contrast to several analysts who have recently warned that Bitcoin could experience further downside. While some analysts are watching support levels around $80,000 and below, Lee continues to argue that the current weakness could precede another major advance.
Lee is also putting the money where his mouth is. BitMine bought 17,362 ETH last week, pushing its total holdings past 6 million ETH, worth more than $16 billion at current prices.
The firm has bought ETH every week since it launched its treasury strategy in June of last year.
In line with his prediction, Chief Investment Officer Arthur Hayes of Maelstrom says Bitcoin could reach $1 million by 2030 as the bust of the Artificial intelligence investment boom prompts governments to inject trillions of dollars into the financial system.
Hayes says Bitcoin’s limited supply will also support its price as the supply of fiat money grows. He described AI investment as a bubble, saying that expanding debt obligations and falling compute prices could undermine the economics of new infrastructure. Hayes expects the crypto’s strongest gains to come in late 2027 or 2028.
Meanwhile, Bitcoin’s latest price decline, has prompted a growing number of analysts to warn that the cryptocurrency could face further downside if key support levels fail to hold.
Jeff Anderson, head of U.S. at STS Digital, has identified $82,000 as an important level for Bitcoin. According to his analysis, a sustained break below the level could expose the cryptocurrency to a decline toward the high-$70,000s.
Anderson’s warning comes as broader financial-market conditions create additional pressure on risk assets. Rising U.S. Treasury yields and increased volatility in bond markets have contributed to a more challenging environment for Bitcoin and other cryptocurrencies.
Lacie Zhang of Bitget Wallet has also highlighted the $81,500-$83,000 region as an important area for Bitcoin. She noted that a sustained move below the zone, combined with weak exchange-traded fund flows and higher Treasury yields, could increase the probability of a deeper correction.
Outlook
Bitcoin’s next move is likely to depend on whether renewed institutional demand can overcome the macroeconomic pressures currently weighing on risk assets.
Tom Lee’s $150,000 target reflects a scenario in which institutional adoption, regulatory progress and renewed capital inflows strengthen during the final months of 2026. His bullish view also suggests that the current cycle could continue beyond the traditional four-year pattern.
However, the near-term outlook remains contested. Bitcoin’s inability to decisively move beyond the $87,000 area, combined with concerns over interest rates, Treasury yields, and weakening market demand, could leave the cryptocurrency vulnerable to another pullback.