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  • 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.

bitcoin price chart
Source: Markets Insider

For Haohan Xu, CEO of the crypto-trading platform Apifiny, the move represented a broader momentum shift that will lift bitcoin to old highs. Xu told Insider Monday afternoon that he thinks the price of bitcoin will “easily” rise back to $60,000 before the end of the year.

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