Despite Bitcoin’s (BTC) recent plunge – categorized by many as a “bloodbath” – some crypto experts believe that there are some major gains ahead.
In an interview for CNBC, Arthur Hayes, the CEO of BitMEX said that the idea of BTC hitting $50,000 by the end of the year is not an exaggerated one. Bitcoin Mercantile Exchange is the largest peer-to-peer trading platform by volume that offers leveraged contracts that are bought and sold in Bitcoin.
According to Hayes, the cryptocurrency is just “one positive regulatory decision away” from climbing through $20,000 and even to $50,000 by the end of the year.[via EWN] “I think something that can go up to $20,000 in one year can have a correction down to about $6,000. I think [Bitcoin] definitely found a bottom….but with one positive regulatory decision away, to climb to $20,000 or even $50,000 by the end of the year.”
One of the key positive regulations that Hayes suggest will trigger Bitcoin’s spike is the ETF. According to Hayes, ETF will bring real money to the table, as primary dealers have to go and get inventory, and there will be subscriptions for real money to buy the asset.
Hayes also said that despite the low prices that Bitcoin printed during 2018, BitMEX has so far tripled its total BTC trading volume of 2017 already. BitMEX is “having a great year,” he added.
Hayes, who sees BTC bottoming out in the $3,000 to $5,000 range, isn’t the only one that thinks the crypto would be a buy in this range. Renowned economist Mohamed El-Erian recently told CNBC’s “Squawk Box” that Bitcoin would be a long if it breaks below $5,000.
Bitcoin price stood at $6,557.87 at 10:20 am PT on Monday, according to Coinmarketcap. The world’s top digital currency saw its highest price in December 2017 when it almost hit $20,000.