It has only been a few days since 2026 started, and Bitcoin has already supported a strong rally. During Monday's trading session, it briefly surged past the $94,000 mark. Although there was a pullback at that time, as of the time of writing, it remains steady around $93,244, with a year-to-date increase of over 6%. This rebound rhythm indeed prompts a re-evaluation of this veteran cryptocurrency's resilience.

Tom Lee, co-founder of Fundstrat Global Advisors, has recently shared several viewpoints. He insists that Bitcoin's upward potential has not been fully realized and even boldly states: "By the end of January, Bitcoin has a chance to hit a new all-time high." Looking back, his predictions last year were somewhat overly optimistic (he once thought it could break $200,000 by the end of 2025), but this time he has clearly learned his lesson, maintaining confidence while adding a note of caution.

However, Lee also issued a risk warning: volatility in the first half of this year may not be small. Institutions are adjusting their positions, and the crypto market is experiencing what is called a "strategic reset." But his view is that this adjustment is actually building up energy for bigger opportunities in the second half of the year.

From an emotional perspective, the options market performance is particularly interesting. Traders are clearly betting on the $100,000 level as a key support. In options contracts expiring on January 30, the call options with a strike price of $100,000 are especially active, even exceeding twice the volume of $80,000 put options. Jake Ostrovskis, head of OTC trading at Wintermute, pointed out that the put skew is narrowing, indicating that market fears of the "worst-case scenario" are diminishing — this shift in sentiment itself is a positive signal.

On the other hand, U.S. sanctions against certain countries have introduced geopolitical uncertainties. Such external shocks often temporarily boost demand for safe-haven assets, and Bitcoin is no exception. Capital flows have indeed become more active.

Compared to the panic atmosphere at the bottom a year ago, the current market is noticeably calmer and more confident. This transformation is not just a numerical change; it is more reflected in the mindset and trading behavior of market participants — and these are often key factors in determining the next trend.