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.
The CEO of BitMEX further noted that he thinks larger cryptocurrency price movements will occur during an even shorter timespan as we move forward. This, he added, because of the increase in the number of active participants in the evolving crypto market.
Hayes then pointed out that from 2013 to 2015, “we went for $1,200 to $200” and from 2015 to 2017, “[from] $200 to $20,000.” Having gone through these large price swings in previous years, Hayes believes it is possible that the timespan between these high price fluctuations could become shorter due to the sheer number of investors “who have invested capital and resources to trade this asset class.”
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.”
Bitcoin's Unexpected Surge
Fundstrat co-founder Tom Lee has also made a bullish bitcoin price prediction, as he believes the cryptocurrency hit $25,000 by the end of 2018. Hayes himself has in the past predicted BTC will hit $50,000.
Notably, bitcoin’s price fell below $5,900 this week and many market analysts thought it would decline further. The cryptocurrency has been enduring a bearish trend that saw it drop from a near $20,000 all-time high since late last year. Surprisingly, though, the flagship cryptocurrency has surged to around $6,400 and appears to be stabilizing at this price.