Bitcoin at $60,000 or $200,000? Tom Lee Addresses Fundstrat’s Divergent Forecasts

Fundstrat's mixed signals reflect different methodologies and planning horizons.

Fundstrat’s mixed signals on cryptocurrencies reflect not contradictions, but different methodologies and planning horizons, according to a user named Cassian, who identified as a client of the company.

@Mr_Derivatives I probably shouldn’t be saying this, because I’m a Fundstrat customer and their research isn’t public, but I feel the way this is being framed on X is unfair and misleading so I want to clear it up.

I’ve seen people point to screenshots and clips and say:… https://t.co/TCtfjp7xHM pic.twitter.com/u8Mx14tcCI

— Cassian (@ConvexDispatch) December 20, 2025

Over the weekend, social media buzzed with discussions about the firm’s leadership’s conflicting views.

A user named Heisenberg shared a screenshot of an internal memo for clients. In it, Fundstrat’s head of digital asset strategy, Sean Farrell, warned of a significant market correction in the first half of 2026.

Fundstrat’s head of digital asset strategy, Sean Farrell, says $BTC to $60k as base case, 1H 2026.

Fundstrat’s head, Tom Lee, says $BTC to ATH’s, even up to $200k, by end of Jan 2026.

Is this normal for funds to contradict each other within?

Honest question. pic.twitter.com/KETNygLEtu

— Heisenberg (@Mr_Derivatives) December 20, 2025

The report outlined the following targets:

• Bitcoin — $60,000-65,000;
• Ethereum — $1,800-2,000;
• Solana — $50-75.

Heisenberg noted the stark contrast between these figures and Lee’s public statements. Previously, the Fundstrat co-founder had suggested new all-time highs could be reached early next year.

The Fundstrat co-founder is generally very optimistic about digital gold and the leading altcoin. In November, he predicted Ethereum would experience a Bitcoin-like “supercycle.”

Before this, Lee forecasted a “grand rally” for leading coins in the fourth quarter: Bitcoin at $250,000, and Ether at $15,000.

The community questioned whether Fundstrat is contradicting itself or providing unclear recommendations, potentially misleading clients.

Explanation

Cassian explained that analysts are addressing different issues, so their views do not always align.

According to him, Farrell’s pessimistic comments are driven by risk management strategy. He reduced the share of digital assets in the model portfolio as a protective measure but remains confident in Bitcoin’s growth after the first half of 2026.

Lee operates in a strategic and macroeconomic sphere. His focus is on global liquidity and structural market changes, such as the impact of institutional investors and ETFs on the traditional four-year cycle of digital gold.

“He believes Bitcoin and Ethereum have already formed structural lows, volatility and corrections are still possible, the crypto market will reach new highs by early 2026 and beyond. That’s why BitMine is accelerating purchases, not slowing them,” Cassian noted.

Lee responded to the post with a single comment:

“Well said.”

The community took this as tacit agreement with this interpretation.

In October, Lee stated that the bubble in the crypto treasury segment had burst.