**Fundstrat’s Sean Farrell Addresses View Disparity With Tom Lee, Lays Out Crypto Outlook** On December 21, Sean Farrell — head of crypto strategy at Fundstrat (Tom Lee’s firm) — addressed claims of differing market views with Lee, noting Fundstrat’s analysts operate with independent frameworks and time horizons to serve diverse client goals. Farrell’s research focuses on portfolios with **20%+ crypto allocations**, using a more aggressive strategy. His first-half caution reflected risk management, not full bearishness. While current pricing is near “perfect,” risks remain: government shutdowns, trade volatility, AI capex uncertainty, Fed chair transitions, tight high-yield spreads, and low cross-asset volatility. Fund flows are also diverging, with Bitcoin in a valuation “no man’s land.” Long-term: Big broker participation and ETF demand should improve, but near-term pressures include: original holders selling, miner stress, potential MSCI exclusion of MSTR, and fund redemptions. Farrell’s base case: A Q1 bounce followed by a deeper H1 pullback, creating attractive year-end entry points. If wrong, he’ll wait for confirmation signals. He still expects BTC/ETH to hit new all-time highs (ATHs) by year-end, ending the traditional four-year cycle with a shorter, shallower bear market. Earlier reports: Lee said BTC could reach a new ATH by late January 2026; Farrell, in a Dec 20 note, projected BTC to $60k-$65k and ETH to $1.8k-$2k in H1 2026.
