Bitcoin Has a Potential to Reach $50,000; BitMEX’s CEO Arthur Hayes Remains Bullish

BitMEX Co-founder Arthur Hayes stated on CNBC that he remains bullish and believes the price of Bitcoin will reach $50,000 by the end of this year despite the recent falling of cryptos.

Even though Bitcoin price has dropped since the beginning of the year, Arthur Hayes stated: “something that goes up to [around] $20,000 in one year can have a correction,” on “Fast Money” Friday.

“We could definitely find a bottom in the $3,000 to $5,000 range,” he said. “But we’re one positive regulatory decision away, many an ETF approved by the SEC, to climbing through $20,000 and even to $50,000 by the end of the year.”

Bitcoin, the largest cryptocurrency by market cap, fell last week under the $6000 level but currently is trading at $6341.

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Other popular coins such as Litecoin, Bitcoin cash, Ripple, Ethereum also had the same drop this year following bitcoin sell-off. However, Hayes said that Bitcoins volatile nature is what makes the coin so popular among investors.

 He said. “Now that we have more visibility, more people talking about [bitcoin], the time between an aggressive bear market and an aggressive bull market, I think, is going to shorten,” he said.

This article was written by Marios Athinodorou, TeleTrade’s market analyst, and commentator. Among others, Marios is delivering weekly trading webinars. Sign up for upcoming webinars here.