The founder of crypto-trading platform Apifiny breaks down why bitcoin is set to ‘easily’ rally back to $60,000 by the end of the year

• Bitcoin recently hit $40,000 mark for the first time since May.
• Haohan Xu said he thinks the price of the cryptocurrency will rise to $60,000 by the end of 2021.
• In an interview, he broke down the several reasons why he’s bullish on the asset.

After a months-long slump during which it fell more than 50%, the price of bitcoin surged back to life Sunday night, hitting the $40,000 mark for the first time since May before paring back below $38,000.

The sharp move, which represented about a 35% gain from bitcoin’s most recent lows below $30,000, was catalyzed by a massive short squeeze, where investors with short positions on bitcoin were prompted to cut their losses and close positions by buying, therefore spurring further gains.