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Bitcoin can still end the year with a bang, according to Bitmine (NYSE:BMNR) chair and Fundstrat investment chief Tom Lee.

“I think we can still get to $150,000-$200,000 for Bitcoin, and then something like $7,000 for Ethereum,” Lee told CNBC on Monday.

The analyst’s continued bullishness comes despite Bitcoin’s disappointing performance last month.

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Investors entered the month with high hopes as it has historically been one of Bitcoin’s strongest months, so much so that it earned the nickname ‘Uptober.’ However, for the first time since 2018, the asset failed to close higher at the end of the month, finishing 4% lower instead.

One reason for Bitcoin’s ‘Uptober’ flop was market panic over U.S.-China trade tensions. On Oct. 10, President Donald Trump announced an additional 100% tariff on Chinese goods, sparking a record $19 billion liquidation event in the cryptocurrency market.

Lee said on Monday that the cryptocurrency market was still healing from the crash, but added that fundamentals pointed to a near-term recovery.

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“We’re only a couple weeks from that, so I think the market is consolidating,” he said, referring to the Oct. 10 crash. “But if I look at fundamentals, like Ethereum stablecoin volumes have been exploding, application revenues at all-time highs. So right now, fundamentals are leading price in crypto. So I think eventually we consolidate, and then we rally into year-end.”

Beyond the cryptocurrency market, Lee waxed bullish on equities. He said the S&P 500 could surge as much as 2.5% this month and reach $7,500 by year’s end despite concerns over U.S.-China relations and perceived hawkishness from the Federal Reserve.

Lee said inflation is falling faster than many expect. He also added that jobs were not strengthening due to artificial intelligence. The combination of these factors offered a strong case for more interest rate cuts by the Federal Reserve, he said, despite remarks to the contrary from Fed Chair Jerome Powell last week.

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Lee also cited continued bearish investor sentiment and gross underperformance of fund managers, despite a positive year for markets, as potential contrarian indicators. “I think there’s a big performance chase into year-end,” he said.