Bitcoin bull Tom Lee says $100,000 by year-end still possible despite 'very rough patch'

Tom Lee
Adam Jeffery | CNBC

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 was up about 1% around 4:50 p.m., according to Coin Metrics.

"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."

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