Tom Lee Says Crypto Winter May End by April

• Tom Lee said crypto winter may have ended or could conclude by April based on sentiment trends.

• Technical analysis projected Bitcoin near 60K and Ethereum near 1890 during correction.

• Lee cited historical cycle patterns showing final undercuts often mark durable market bottoms.

Fundstrat Global Advisors managing partner Tom Lee said the crypto market downturn may be nearing its end. Lee said the crypto winter may have already ended or could conclude by April. He explained that deteriorating sentiment, recent price action, and technical levels support his assessment.

Sentiment and Technical Levels Shape the Call

Lee said market sentiment remains poor, which he described as typical near cycle lows. He noted that sustained negative positioning often appears before prices stabilize. According to Lee, technical indicators also suggest downside pressure may be nearly exhausted.

He referenced analysis from timing strategist Tom DeMark, who has advised Fundstrat since November. DeMark expected Bitcoin to decline toward the 60,000 level during the correction. He also projected Ethereum would bottom near 2,400, with 1,890 as a secondary downside target.

Lee said Ethereum later traded near 1,890, aligning with that projection. He added that markets may require one final undercut below support. That move, he said, would likely mark the low rather than extend the decline.

Cycle Patterns and Market Behavior

Lee said previous crypto downturns followed similar structures. In those cycles, prices fell sharply, stabilized, and briefly undercut support before recovering. He described this phase as a common reset rather than a breakdown.

He also said market participants often exit positions late in the cycle. That selling, he explained, tends to complete the bottoming process. According to Lee, the current structure matches that historical pattern.

Macro Conditions and Participation Trends

Lee said broader macro uncertainty continues to influence digital assets. He cited interest rate expectations and geopolitical risks as ongoing factors. However, he said those pressures have not altered the long-term participation trend.

Retail activity remains lower than last year, he said. At the same time, institutional and corporate involvement continues. Lee described that contrast as consistent with late-stage market corrections.

He reiterated that April represents the latest point for a potential bottom. He said the market appears close to completing the current cycle.