Tom Lee Umutlu: Expectations of an Increase in Bitcoin and Ethereum

Despite the sharp sell-offs in the cryptocurrency markets, FundStrat founder Tom Lee expressed that he expects a significant rise in the prices of Bitcoin and Ethereum by the end of the year. On the first trading day of the week, a new wave of selling was observed in the markets. The price of Bitcoin dropped below the 106 thousand dollar level, nearing levels close to the collapse period in October, while Ethereum fell below the 3,600 dollar level, experiencing a 7 percent loss.

However, amidst this pessimistic atmosphere, Tom Lee remains optimistic, stating in an interview with CNBC that despite the downturn, he believes, "Bitcoin could rise to 200 thousand dollars, while Ethereum could reach 7 thousand dollars." Lee emphasized that the company he manages, Bitmine Immersion (BMNR), is also affected by the current market fluctuations, but that in the long run, fundamental indicators are stronger than prices. "Currently, in the cryptocurrency market, fundamental indicators are ahead of the prices. This situation indicates a strong year-end rally following a consolidation period," he said.

The sharp decline in the markets has not only affected major cryptocurrencies but has also led to losses in other altcoins. According to CoinGlass data, during the decline that began over the weekend, 1 billion dollars worth of leveraged positions were liquidated in just one day on Monday. The 24-hour loss of Bitcoin was 4 percent, while the weekly decrease was 8 percent. Major altcoins such as Solana (SOL), BNB, Dogecoin (DOGE), and Cardano (ADA) also experienced similar losses ranging from 8 to 10 percent.

At the same time, the stocks of cryptocurrency companies also lost value due to this selling pressure. Shares of Circle (CRCL) fell by 7 percent, Gemini (GEMI) dropped 6 percent, and Coinbase (COIN) and Marathon Digital (MARA) experienced 4 percent declines. The Strategy (MSTR) stock also closed the day with a 3 percent loss.

Tom Lee stated that the current pullbacks could create a new opportunity for long-term investors, saying, "Patient investors tend to benefit during such periods. We will see a strong rise again before the year ends." Critical price levels and market developments that investors should pay attention to will be decisive in the coming days.