During the same time this year, the cryptocurrency markets were in a very different place. Many people were more excited than ever about cryptocurrency projects, and retail investors were so excited about the future price of Bitcoin that they were actually taking out mortgages to purchase the digital asset.
However, one CEO believes that the tides will turn next year. Specifically, Mike Kiyamori, the CEO of Quione, a Japan-based cryptocurrency platform, believes that Bitcoin will reach new highs.
Not The Best Year
The cryptocurrency markets have lost 700 billion dollars since January, and Bitcoin – as of press time – sits at a price of under $4000. This isn’t lost on Kayamori, who acknowledged that when it comes to the technical bottom, “nobody knows”. However, he did point out that he believes the “bottom is near” when put in historical context.
He also pointed out the fact that cryptocurrency mining plays a part in truly finding the bottom. He stated, “[That] is exactly the reason why it’s close to the bottom. I think that economies work where, if there’s enough miners going out of business, the equilibrium is near. When you look at how markets overshoot both up and down, you can probably say it’s close to the bottom.”
Bullish For 2019
Kayamori did admit that he was wrong about the fact that he believed in bullish Bitcoin price action late this year. He stated, “Initially, I thought towards the end of the year, there is always a run up.”
He continued, “You can see that last year, you can see that a year ago, and a lot of people predicted that it would go back again later this year, starting November and December. Obviously, November came and passed, and it was one of the worst months for Bitcoin. December, there is no catalyst that will potentially shoot it up, so I would look at it kind of flat.”
He believed that “new sentiment” will come back “starting with the new year”. He pointed to the fact that additional regulation and the influx of financial veterans into the cryptocurrency markets will help the price, as well.
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