Tom Lee: Crypto Set for ‘Extremely Bullish’ 12 Months as Leverage Clears and 4-Year Cycle Bottoms

Lee's call rests on two claims that are hard to verify from the outside: that October's deleveraging genuinely cleared the excess, and that a four-year rhythm still governs a market whose participant base has changed. The cycle framing is the more contestable part, since it treats a pattern as a mechanism. What matters is whether the leverage reset holds if sentiment turns, and whether the projected trough arrives without another forced unwind. Watch funding and open interest into that window.