Tom Lee Sees Bitcoin Hitting $150K Despite Recent Liquidations
- Fundstrat’s Tom Lee predicts Bitcoin could hit $150K–$200K despite mass liquidations.
- Lee says strong on-chain data and rising Ethereum volumes signal a bullish market setup.
- October’s liquidation marked crypto’s biggest, yet Lee expects a sharp year-end rally.
The crypto market is recovering from what Fundstrat’s Tom Lee has called the biggest liquidation in the history of digital assets. Despite the massive sell-off, Lee believes Bitcoin could still surge to between $150,000 and $200,000 by the end of the year. Lee shared his outlook during an interview on CNBC, describing October’s downturn as a “tsunami.” He said the liquidation event, which wiped out billions across major exchanges, has not changed his bullish view on Bitcoin’s long-term trajectory.
Lee Says Fundamentals Remain Strong
Lee argued that core on-chain fundamentals still support a potential rally before year-end. He pointed to Ethereum and stablecoin volumes, which have risen sharply in recent weeks. “Application revenues are at all-time highs,” he said, suggesting that blockchain activity remains robust despite the market correction.
The Fundstrat executive believes these indicators show underlying strength in the market. “Strong years end strong,” Lee said, stressing that the recent turbulence may be a temporary pause before another move higher.
He expects Bitcoin to recover quickly once the consolidation phase ends. “Eventually we consolidate and then we rally into year-end, $150,000 to $200,000 for Bitcoin,” he said. Lee also forecasted that Ethereum could rise to around $7,000 in the same period.
Lee compared the current setup to other risk markets, suggesting that crypto is mirroring the behavior of traditional assets. He described the current sentiment as a “wall of worry,” a period when markets climb despite uncertainty. He said once consolidation is over, Bitcoin could resume its long-term uptrend into late 2025.
Lee’s optimism echoes his earlier calls for Bitcoin’s strength during volatile phases. He maintains that growing institutional interest and expanding blockchain use cases will drive the next wave of gains. While liquidations have erased short-term leverage, Lee said the market reset may create room for new long positions once volatility cools.
October’s Liquidation Tsunami
Lee referred to the recent wave of liquidations as a “margin call tsunami,” saying it was the largest event of its kind since crypto’s inception. He noted that the sell-off beginning around October 10 wiped out massive leveraged positions and caused panic across the market.
Data from liquidation trackers supports Lee’s statement. In the past 24 hours alone, the crypto market recorded $1.34 billion in liquidations, affecting more than 334,000 traders. Bitcoin accounted for $380.15 million, while Ethereum saw $348.85 million in forced sell-offs. Solana followed with $155.79 million, showing the extent of volatility in major assets.
Related: Bitcoin and Ethereum Harshest Monthly and Quarterly Losses Since 2018
Most losses came from overleveraged long positions. Traders betting on price gains were hit hard as prices dropped sharply. Exchanges such as Hyperliquid, Bybit, and Binance led the liquidation totals, processing hundreds of millions in forced closures.
Despite the extreme volatility, Lee noted that markets are now consolidating. He added that traders should not misinterpret the weakness as a sign of fading strength. “I think the market is consolidating,” he explained, “but fundamentals are leading the price in crypto right now.”
The combination of recovering fundamentals and renewed institutional demand may set the stage for a rebound. As prices try to stabilize again, traders continue to remain cautious. Analysts note that funding rates and open interest remain high, indicating that leveraged traders are still active. If Bitcoin holds current support levels, it could confirm Lee’s outlook for a strong finish to the year.
