While Bitcoin has been testing it’s all time lows for the year bottom out at just under $5900, BitMEX co-founder and CEO, Arthur Hayes remains bullish. In an interview with CNBC’s Fast Money, Hayes has called the recent drop in price a normal correction considering how earlier in the year Bitcoin’s price neared $20,000. Hayes states that the bottom could be anywhere from $3,000 to $5,000 and predicts an end of year price of $20,000 to $50,000.
“We could definitely find a bottom in the $3,000 to $5,000 range, 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.”
Fast Forward to 1:56 For Interview With Arthur Hayes
Meanwhile, the majority of Bitcoin competitor altcoins like Ethereum, Litecoin, Bitcoin Cash and Ripple are down for the year as well, but Hayes points out that Bitcoin’s volatile nature and the possibility of large gains is what makes it so attractive to investors.
“We’ve done these kind of moves before. With more people in the market comes more capital and the potential for faster jumps in price. 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.”
Arthur Hayes, CEO of BitMEX