Tom Lee says a full crypto bull market is underway, pointing to Bitcoin’s move above its 200-day moving average. In BitMine’s October 7 chairman’s message, he dated that crossover to August 19, rather than describing a fresh breakout this week.
According to the published transcript, Lee said Bitcoin’s average six-month forward return when trading above that average has been 193% since 2010, with positive returns 80% of the time. Separately, he said eight of nine upward crossovers since 2012 had signaled bull markets.
Lee also cited Bitcoin ETF flows turning positive for the year and crypto outperforming other major assets in the third quarter. BitMine’s accompanying release presents those signals as management’s bullish interpretation, despite a hawkish Federal Reserve, higher oil prices and tighter financial conditions.
His broader case rests on institutional tokenization, generational wealth transfers, corporate digital-asset treasuries absorbing supply and AI-related blockchain demand. Those themes also underpin his Ethereum outlook, previously covered by CoinScreamer. Lee argues they could make this cycle larger than earlier retail-led rallies.
Lee chairs BitMine, which is approaching its 5% ownership target for Ethereum, giving the company substantial exposure to his market thesis. The 193% figure describes a historical average, while the 80% positive-return rate shows the signal did not always precede gains. Neither guarantees future returns.
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