CEO of the popular platform for trading cryptocurrencies using advanced BitMEX tools Arthur Hayes is confident that the prediction that bitcoin will reach $50,000 before the end of the year that he gave earlier should come true. On the air of the transfer of “Fast Money” to CNBC, he said that in order to expect the update bitcoin its highs, there are good reasons, despite the uncertainty that has emerged in the market recently.
“Something that rises to $20,000 per year may experience a correction that lowers the price to $6,000,” he said, adding that the market for cryptocurrency may be enough “one positive regulatory decision, such as ETF approval by the Securities and Exchange Commission (SEC) to rise above $20,000 or even up to $50,000 by the end of the year.” However, he does not rule out that bitcoin can find its minimum between $3,000 and $5,000.
In his forecasts, Hayes was even more daring than many optimistic analysts, who make assumptions about where the price of bitcoin will be in the future. Thus, co-founder FundStrat Tom Lee believes that the next target for bitcoin is the level of $ 25,000, that is, half as much as the CEO of BitMEX calls.
Hayes reinforces his forecast with the assumption that the influx of a new wave of investors, who have not yet entered this market, will boost the price.
“From 2013 to 2015, we went from $1,200 to $200. From 2015 to 2017 – from $200 to $20 000. That is, we have done similar movements in the past. I think that the time stretches will decrease as more people enter the market. They will allocate capital and resources to trade these assets,” he explained, noting that the increase in liquidity and interest will cause” time between an aggressive bear market and an aggressive bull market” to decline.
Speaking about the decision of the SEC, which recognized that Ethereum is not a security, He explained that this news did not help to attract new money to the market, but only gave confidence to those who already hold a crypto currency. ETF approval, on the contrary, can become a turning point in the development of the cryptocurrency market, as it will open a previously inaccessible channel for inflow of investments.
This week, the SEC requested a comment on the Cboe Exchange offer on listing and ETF trade under the name SolidX Bitcoin Shares, which was developed by VanEck SolidX Bitcoin Trust.