Tom Lee: Bitcoin Survives Critical Test Amid Rising Oil Prices
Tom Lee has commented that Bitcoin's recent price rise during rising oil prices indicates it has successfully passed a critical stress evaluation.
Fundstrat’s Tom Lee stated that Bitcoin has successfully passed a significant test following its recent surge, correlating with rising oil prices due to ongoing Middle Eastern tensions.
According to Lee, this price movement signifies that last year’s bear market, characterized by significant deleveraging, is finally over, allowing Bitcoin to reestablish its credibility as a reliable store of value.
Clearing of Speculation
Speaking at CNBC’s Future Proof conference in Miami with anchor Scott Wapner, he expressed optimism that the cryptocurrency sector has weathered its bear market.
“We had a bear market already in software, the Mag-7 and in crypto,” he observed. “I think that’s already taken out a lot of speculation.”
Additionally, Lee anticipates a positive closure for March and posits that the S&P 500 might reach 5,300 later this year, albeit warning of a potential 20% market decline in response to unfavorable news.
On Bitcoin being perceived as a safe haven, he acknowledged its recent struggles, particularly compared to gold.
“Bitcoin did basically break on October 10 because that was the biggest deleveraging event in the history of crypto,” he remarked. “When gold went up, Bitcoin went down.”
Nonetheless, he insists these challenges are behind Bitcoin, highlighting its recent resilience in the face of heightened oil prices during geopolitical tensions, notably when Iran shut the Strait of Hormuz.
“This weekend kind of showed Bitcoin is coming back in vogue as a store of value,” he emphasized, noting Bitcoin’s ability to maintain its value above $70,000 even as oil prices spiked.
Current Bitcoin Status
At the time of writing, Bitcoin was hovering around $70,000, experiencing a minor 0.2% dip in the last 24 hours after recently hitting $71,600 per CoinGecko. Over the past week, Bitcoin has risen by approximately 3% and nearly 7% over a fortnight, yet it is still about 12% lower year-on-year, remaining over 44% beneath its all-time high from October 2025.
