BitMEX CEO Arthur Hayes recently stated that he still thinks Bitcoin (BTC) will reach $50,000 by the end of this year. The Wharton School graduate sated on CNBC that he thinks “something that goes up to $20,000 in one year can have a correction down to around $6,000.”
He added that bitcoin might be “one positive regulatory decision away” from again reaching the $20,000 price range, and then climbing up to $50,000. This regulatory decision could be something like an ETF being approved by the US Securities and Exchange Commission (SEC), according to Hayes.
In an interview for CNBC, Hayes explained to Melissa Lee that a 50k price is as normal for BTC as a 6k value:
“I think something that can go up to 20k in one year can have a correction down to about 6k. I think it definitely found a bottom … but with one positive regulatory decision away, to climb to 20k or even 50k by the end of the year.”
He also commented that despite the low prices that Bitcoin registered during 2018, Bitcoin trading on the platform had been highly stimulated.
According to his statements so far this year the BTC trading volume has tripled, a clear sign of the boost that crypto market is receiving. BitMEX is “having a great year.”
Additionally, the cryptocurrency exchange’s chief executive revealed higher liquidity levels, along with an added interest in cryptocurrencies, will lead to a shorter timespan “between an aggressive bear market and an aggressive bull market.”
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