Currently, the crypto market is witnessing a strong meltdown, with crashing prices of cryptocurrencies. With most crypto experts expressing their hopeful presumptions, the CEO of cryptocurrency exchange Quoine, Mike Kayamori has also unveiled his thoughts regarding the crypto market.
In an interview with Bloomberg Markets, Kayamori stated that he believes Bitcoin (BTC) will “surpass” its all-time price high of nearly $20,000 by the end of 2019. Kayamori further elaborated that the market will not have any major bullish corrections until the end of this year.
He added that the bottom for Bitcoin is close, noting, “Right now, there’s nothing new, there’s no catalyst that would potentially shoot it [BTC] up, so I’d look at it kind of flat..” While indicating the bottom for crypto atmosphere, he stated, “when you look at historical [patterns] and where things are going, I think the bottom is near.”
He then talked about the pressure on Bitcoin miners, many of them are halting operations as the asset’s price is showing a downward trend. Kayamori said, “If there are enough miners going out of business, that [means] equilibrium is near. When you look at how markets overshoot, both up and down, you can probably say it’s close to the bottom.”
However, Kayamori shared some optimistic views saying that once the new year has taken off, so many catalysts could impact a sustainable rally in the Bitcoin market.
Also, he positively discussed Japanese regulators stating, “Japanese regulators are starting to open up again. They are going to approve new exchanges. They are going to approve new listings. All of these things will start from the new year.” Kayamori emphasized that Japan was the “first global economic powerhouse” to regulate crypto. He concluded noting, “We have a lot to look forward to.”
While the CEO of Quoine shares some positive insights, the crypto market is trading just a hair above year-to-date lows. This month has witnessed Bitcoin’s price declining to lows of $3,800, after that it has stabilized around its current price of approximately $4,000.