Tom Lee's year-long journey:

1️⃣

Q1 Honeymoon Period: ETF approved, calling out $250k, firmly believing that institutional funds will bring exponential growth.

2️⃣

Q2-Q3 Narrative Period: Price fluctuations, starting to emphasize macro logic (Federal Reserve, outperforming gold, millennials), reinvigorating the faith of the bulls.

3️⃣

Q4 Reality Period: Admitting that achieving $250k within the year is unlikely, adjusting the target to $125k.