Despite the recent bloodbath in cryptocurrencies, Bitcoin bull Arthur Hayes said the popular digital coin will reach $50,000 by the end of the year.
Bitcoin's price has been on a wild roller coaster with investors, but "something that goes up to [around] $20,000 in one year can have a correction," Hayes, the co-founder and CEO of BitMEX, said on "Fast Money" Friday. BitMEX, or Bitcoin Mercantile Exchange, is the largest cryptocurrency trading platform by volume.
"We could definitely find a bottom in the $3,000 to $5,000 range," he said. "But we’re one positive regulatory decision away, many an ETF approved by the SEC, to climbing through $20,000 and even to $50,000 by the end of the year."
In May, Hayes told CNBC that bitcoin would reach $50,000 by the end of the year. He remained bullish on his forecast about the coin, despite a deep retrenchment in the digital currency's price.
Last week bitcoin, the largest cryptocurrency by market cap, fell below the $6,000 mark. The coin was priced around $5,900 Friday 5 p.m. ET, a steep decline from the December 2017 highs of around $19,500. Bitcoin is down 57 percent in 2018.