Fundstrat’s Tom Lee remains optimistic about Bitcoin achieving a new all-time high within the coming months.

“I do think Bitcoin can make an all-time high by the end of January,” said Tom Lee on CNBC on Monday. “I’m pretty bullish into December even with the first day being rocky.”

Lee emphasized that Bitcoin’s future will hinge on the recovery of equities and mentioned that a new Federal Reserve chairman could provide support.

“When people got worried about a Hawkish Fed … it hurts crypto models too, so if we have a Dovish Fed, that’s really a tailwind.”

Recently, market losses accelerated after Fed chair Jerome Powell expressed doubts about a December rate cut. However, futures markets are now predicting an 87.6% chance of a 0.25% rate cut on December 10.

Recovery From Deleveraging

Lee also pointed out that Bitcoin was experiencing difficulty after being impacted by market conditions and a leverage flush on Monday. As a result, Bitcoin dropped to $84,000 amid fears surrounding the end of the Yen Carry Trade as Japanese government bond yields rose.

Lee noted, “We’re emerging from that, so maybe in a week or two, crypto has fully washed out,” suggesting that this could pave the way for market recovery.

He tweeted post-interview that there are multiple favorable factors approaching year-end, including the conclusion of the Fed’s quantitative tightening (QT) policy and anticipated cuts in December. He affirmed that solid fundamentals mean favorable risk-reward opportunities for investors.

BitMine Purchases More Ethereum

In line with Lee’s bullish outlook, BitMine Immersion Technologies reportedly remains positive on Ethereum, acquiring an additional 7,080 ETH valued at $19.8 million. This purchase brings their total ETH holdings to 3.73 million, representing more than 3% of the entire supply.

Given the current price hovering around $2,800, this move highlights BitMine’s continued confidence in the cryptocurrency market.