Crypto Market About To Enter Altcoin Season, Says Fundstrat’s Tom Lee – Here’s When
Fundstrat’s Tom Lee says that digital assets are likely approaching the time when smaller altcoins begin to outshine the larger-cap cryptocurrencies.
In a new interview on the Wealthion podcast with SkyBridge Capital founder Anthony Scaramucci, Lee says his firm has already begun recommending Ethereum (ETH) and Solana (SOL) to clients as a way to move out of the risk curve from Bitcoin (BTC).
Lee, head of research at Fundstrat, says that investors holding altcoins may have some “alpha” as the market cycle develops.
“The answer is yes. We’ve recommended to our clients that if they didn’t want to be Bitcoin-only, that they could look at Bitcoin, Ethereum and Solana because we’ve put those largely in the same category as sort of core cryptos.
We are also entering what I think is altseason. Next year is really when I think the crypto market could broaden and this is where those who are really experts on crypto… actually are going to have some alpha because that is actually when many altcoins could do really well.
I think that the stronger Bitcoin is, the stronger the ecosystem becomes and so so many of these utility tokens and things that are tokenizing really start to have a lot of expected value.”
In the same interview, Lee said that a further 150% move for Bitcoin on top of its already big gains is very likely.
“Over the next twelve months, I think something over $250,000 is possible, but maybe highly probable based on just following this price cycle.
The second reason I think Bitcoin has maybe more upside than that is because the new administration has run on a pro-Bitcoin platform, and I think the possibility of the US not only legitimizing Bitcoin but making it a strategic reserve asset, I think raises what would be the possible price scenarios for Bitcoin because if the US government, as the intend, ultimately gets to a million Bitcoin it will be the largest Bitcoin holder in the world and they exert an enormous positive influence on legitimizing Bitcoin.
I would add to that… It’s almost like taking a playbook from MicroStrategy because MicroStrategy has proven that using Bitcoin as a balance sheet asset has really created a lot of value for MicroStrategy shareholders.”
At time of writing, Bitcoin is trading for $97,521.
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