Tom Lee Sees Crypto's Biggest Bull Cycle Yet with Bitcoin Above 200-Day Moving Average

Tom Lee, chairman of BitMine Immersion Technologies, believes that the cryptocurrency market is entering its biggest bull cycle yet. He pointed to Bitcoin's recovery above its 200-day moving average as a key indicator, citing this level as a precursor to eight of the past nine bull markets over a 12-year period.

Lee also highlighted the growing institutional interest in cryptocurrencies, with continued investment into Bitcoin products throughout September. The total cryptocurrency market value has regained ground, reaching approximately $2.97 trillion, although it remains below its record high of $4.35 trillion in October 2025.

The BitMine chairman expects the current cycle to surpass previous bull markets, predicting that Ethereum's price could reach $10,000 within the next 12 months. This projection is based on the company's 'Alchemy of 5%' strategy, which involves accumulating Ether and aiming for a 5% share of the total supply.

However, some warning signs are emerging, including rising profit-taking and slowing spot demand. Historically, these patterns have coincided with local market tops. Analysts point to structural changes supporting the current crypto market, including growing institutional adoption, asset tokenization, and expanding stablecoin use.