Bitcoin faces a rough technical picture in the near term, Wall Street strategist Tom Lee told CNBC on Tuesday, after the cryptocurrency sank below $30,000 for the first time since late January.

However, the bitcoin bull reiterated his belief that the world’s largest cryptocurrency by market value could reach $100,000 per token by the end of 2021.

Just after noon ET, it briefly turned positive on the day.

“Bitcoin is in a very rough patch now. I think the technical picture in sort of the current term doesn’t look great,” the co-founder of Fundstrat Global Advisors said on “TechCheck.”