Tom Lee, co-founder and head of research at Fundstrat Global Advisors, says the cryptocurrency market has already endured its worst moment and is poised for a sustained rally over the coming year.

In an interview with Wealthion published Friday, Lee argued that the next 12 months will be “a really bullish period for crypto,” citing the massive deleveraging that followed last October’s tariff shock and the early stages of a new four-year cycle. Bitcoin was trading near $77,315 at the time of the interview, roughly 39% below its record above $126,000 set days before the crash.

The strategist’s optimism rests on two pillars. The first is that the pain has already occurred. On October 10 last year, a threat to impose 100% tariffs on Chinese…