- 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.
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.