Bitcoin is back near $89,000, and Tom Lee is once again saying the next major move higher is still possible.
Fundstrat co-founder and BitMine chair Tom Lee repeated his $250,000 Bitcoin target for 2026 in an interview released on January 20.
He described the current market as a reset, not the end of the cycle.
His remarks come as BTC trades around $89,300 on January 23, down about -0.6% in the last 24 hours.
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Why Do Analysts Warn That the Next Bitcoin Dip Could Feel Like a Bear Market?
Lee said the road ahead won’t be smooth. He warned that 2026 could bring sharp pullbacks that “feel like a bear market,” even if the long-term direction stays positive.
Tom Lee says, "I think Bitcoin hits $180,000 by January 31." pic.twitter.com/UmlbY8l49s
— Trending Bitcoin (@TrendingBitcoin) January 21, 2026
“We think Bitcoin will make a new high this year,” he said. He also noted that crypto markets often face sudden deleveraging phases that drain liquidity and weigh on price.
CoinGlass estimates Binance Bitcoin futures open interest at about $12.04Bn.
Futures volume came in near $59.36Bn over the last 24 hours, while spot trading added another $6.27Bn.
Roughly $45.26M in Bitcoin futures positions were liquidated during the same period.
DefiLlama data show Bitcoin logged about $1.3M in on-chain DEX trading over the past 24 hours, up 1.03% on the week, while on-chain perpetuals volume reached roughly $22.02M, with seven-day activity at $120.93M, down -18.67%.
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Bitcoin Price Analysis: How Does This Technical Setup Support Tom Lee’s $250k Bitcoin Thesis for 2026?
Bitcoin is trying to steady after a sharp drop earlier this week, and traders are watching to see if support holds into the daily close.
On the one-hour chart shared by Crypto Tony, BTC is sitting above a support zone near $88,500–$89,000.
The chart still shows a pattern of lower highs and lower lows, which means the broader corrective trend hasn’t changed.
Price is now inching higher inside a narrow range. It looks more like a liquidity move than a true shift in trend.
Even so, BTC could push toward resistance around $90,500–$91,000, an area where it paused before.
A CME gap and a nearby naked point of control sit just above that zone. Both levels often act like magnets in thin market conditions, giving traders something to watch over the next few sessions.
“If we can hold up tonight, then this is what I will be looking for,” Tony said. “To take more of the liquidity above before coming back down again. We have CME gap and nPOC to take first.”
Bitcoin is showing a small relief move, likely to sweep nearby liquidity before sellers try to step back in.
The market is sitting at a key technical zone as the price trades close to the 730-day simple moving average, a level that has played a major role in past cycles.
A daily chart shared by analyst Ali Martinez places Bitcoin near $85,180, right on top of this long-term trend line.
The same indicator has acted as resistance in bear markets and as support when the market shifts into a bullish phase.
History shows that deep pullbacks of 45% to 55% often develop around this moving average before the broader uptrend continues.
And even with the recent swings, Bitcoin is still trading above the rising 730-day SMA, which signals that the long-term structure remains steady.
“That’s the 730-day SMA for Bitcoin,” Martinez said. “This level has historically shaped major market transitions.”
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Key Takeaways
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Fundstrat co-founder and BitMine chair Tom Lee repeated his $250,000 Bitcoin target for 2026 in an interview released on January 20.
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Lee said the road ahead won’t be smooth. He warned that 2026 could bring sharp pullbacks that “feel like a bear market,” even if the long-term direction stays positive.
The post BTC USD From $90k to $250k? Tom Lee Predicts Massive Rebound, Calling Bitcoin The ‘Best Trade’ of 2026 appeared first on 99Bitcoins.
