Tom Lee's Fund Analyst: Bitcoin Could Fall to $60,000 to $65,000 and Ethereum to $1,800 to $2,000 in the First Half of 2026

On December 20th, Sean Farrell—Fundstrat’s Director of Cryptocurrency Strategy (reporting to Tom Lee)—stated in the firm’s *2026 Cryptocurrency Outlook* report: “While Bitcoin and the broader crypto market still have strong long-term bullish drivers, liquidity-fueled support is expected to emerge in 2026, we may still need to price in several risks in Q1/Q2 2026, which could create more attractive entry points.” My baseline call: A more notable pullback will hit H1 2026. Bitcoin could drop to $60,000–$65,000, Ethereum to $1,800–$2,000, and SOL to $50–$75. These levels will offer better positioning opportunities ahead of year-end. If this call proves wrong, I still favor a defensive stance, waiting for confirmation signals of a strengthening trend. Year-end targets: ~$115,000 for Bitcoin, ~$4,500 for Ethereum. Within this framework, ETH will show more pronounced relative strength. This makes sense, as Ethereum has more favorable structural fund flow traits: no miner selling pressure, no exposure to MSTR-related factors, and lower quantum risk concerns.