Is BTC dropping below $67,000 a crisis or an opportunity? Tom Lee explains why we should stop guessing the bottom and start buying

The “see-saw” between precious metals and cryptocurrencies is swinging back, with opportunities often emerging amid the most pessimistic sentiments.

Yesterday (February 11), at the conclusion of the Consensus 2026 conference in Hong Kong, one of Wall Street’s most renowned crypto bulls, Tom Lee, Chief Research Officer at Fundstrat Global Advisors, delivered a highly anticipated speech.

Facing the ongoing weakness in the crypto markets, he sent a clear and firm message to investors: rather than trying to precisely predict market bottoms, view the current decline as a long-term buying opportunity.

Voices in the Market Winter

In early 2026, the crypto market undoubtedly left many investors feeling cold. Bitcoin’s price has retraced about 50% from its all-time high in October last year, recently oscillating around $67,000.

Against this backdrop, Tom Lee took the stage at Asia’s top Web3 event—the Consensus Conference Hong Kong. This conference, which attracted over 15,000 participants worldwide, has become a key window into industry trends. As Chairman of Ethereum asset management firm BitMine, Lee’s insights are always closely watched.

Tom Lee’s Core Argument: Why “Buy the Dip”

Lee’s speech was not blindly optimistic but built on a deep analysis of the current market structure. His logical chain clearly supports his bullish stance.

He believes this is a “confidence crisis,” not a “structural collapse.” He argues that recent market declines are mainly due to shaken investor confidence and short-term capital flows, rather than fundamental issues within the blockchain ecosystem itself. This aligns with the view of another Wall Street research firm, Bernstein, which also considers the current market to be in the “weakest bear market scenario in history,” lacking the systemic blow-ups typical of previous cycles.

The capital siphon effect from precious metals is about to reverse. He pointed out that the strong performance of gold and silver in 2025, along with sharp volatility at the start of the year, attracted a large amount of safe-haven capital, objectively “drawing away” funds that might otherwise flow into crypto markets. As gold and silver prices stabilize or retreat from highs, this capital could flow back into crypto, providing new upward momentum for Bitcoin and Ethereum.

The shadow of deleveraging shocks is dissipating. Lee believes that the deleveraging impact caused by the market crash in October 2025 has been gradually absorbed. Once Bitcoin can reach new all-time highs, it will mark the complete end of this painful process.

Market Data Analysis: Opportunities and Risks in the Gate Market Perspective

Lee’s views need to be examined within specific market data. According to the latest Gate行情 data as of February 11, 2026, two major assets show the following key statuses:

Current Bitcoin (BTC) Situation

Bitcoin is trading at $66,963.1, with a market cap of $1.38 trillion, holding a dominant 55.93% market share.

However, in the past 24 hours and 7 days, prices have fallen by 3.37% and 11.59%, respectively, indicating market sentiment remains fragile.

Key Position of Ethereum (ETH)

Ethereum’s current price is $1,950.77. Lee specifically mentioned that, based on technical analysis, Ethereum might need to dip briefly below $1,800 to form a “perfect bottom,” then potentially begin a sustained recovery.

This is very close to the current price, so investors should watch closely.

Outlook: Challenges and Potential Paths in 2026

Lee’s overall outlook for 2026 is “a tough start, with a rebound by year-end.” He expects that during the market’s digestion of geopolitical tensions, Fed chair changes, and other macro uncertainties, there could be a 15%-20% correction. But he views this as a “buy-the-dip” opportunity. He maintains his prediction that Bitcoin will hit a new all-time high within the year.

Looking at longer cycles, institutional analysts’ forecasts also offer some reference. Gate行情 data shows the average predicted price for Bitcoin in 2026 is about $69,065, with a potential volatility range between $61,468 and $98,763.

Investor Takeaways: From “Timing” to “Allocation”

Lee’s perspective offers ordinary investors a different approach from short-term speculation. His “buy the dip” advice does not encourage putting all funds into a single trade but advocates a disciplined, long-term value-based dollar-cost averaging strategy.

In the current environment, investors might reduce anxiety over daily price swings and focus more on blockchain adoption, mainstream institutional participation (such as spot ETF fund flows), and major network upgrades like Ethereum’s “Glamsterdam” upgrade. These fundamentals’ ongoing improvement is the core support for the long-term value of cryptocurrencies. The market’s short-term “mini winter” may just be the energy-building phase for the next spring.

As the market hovers around $67,000, institutional analysts are quietly deploying new positions. Bernstein reaffirmed a $150,000 target for Bitcoin in 2026, predicting nearly 119% upside from current levels. Standard Chartered is eyeing Ethereum, lowering its forecast but still projecting a $7,500 target by the end of 2026. Behind these numbers is growing institutional recognition of crypto assets as a macro financial asset class.

The crypto market never proves its correctness to pessimists; it only paves the way for visionaries when no one is paying attention.