Bitcoin price will likely reclaim or surpass its all-time high by the end of 2019, guesstimated Mike Kayamori.
The Quoine chief told Bloomberg in an interview that while it is difficult to predict how much time bitcoin would take to establish a new peak, he is sure it would touch it nonetheless. Adding that he believed bitcoin bottom is near, Kayamori stated that the market would not show any significant bullish corrections until the end of this year. But after the new year, a lot of catalysts could influence a sustainable rally in the bitcoin market.
“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 explained while linking the growing compliance with the influx of institutional investments into the bitcoin space.
“The global trend is to accommodate these high-frequency traders […] There is going to be this dealers-brokers who will be offering crypto to their retail customers. And there [are] these OTC brokers who will be providing services to institutional investors,” he added.
Bitcoin Bottom
The interview saw a considerable time spent on discussing the so-called bottom and how miners were discontinuing their bitcoin mining operations, citing losses due to lower-than-even bitcoin token value. While Kayamori recognized that the digital currency drillers were not able to earn back their principal investments, he thought the development, in a broader sense, was positive.
“If there are enough miners [that] are going out of business, that [means] equilibrium is near,” he said. “When you look at how markets overshoot, both up and down, you can probably say it’s close to the bottom.”
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Source: CCN.com
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ICN Aggregator: Bitcoin Price Will Hit New All-Time Highs in 2019: Quoine CEO