Quoine Chief: Nobody Knows Where The Bitcoin Bottom Is
Even after Bitcoin (BTC) posted a dismal performance in November, purportedly the asset’s worst month since April 2011, diehard believers in this nascent asset class have maintained their zealous faith. Tom Lee, for instance, recently told CoinTelegraph that Bitcoin, Ethereum (ETH), and XRP all have “staying power,” before adding that he expects for 2019 to be a “very good” year for BTC. And interestingly, Lee isn’t alone in touting such sentiment.
After recently interviewing Roger Ver, the chief executive officer at Bitcoin.com, Bloomberg sat down with a crypto industry CEO, Mike Kayamori, to gain further insight into the tumultuous crypto market. The anchor first mentioned BTC’s dismal performance, asking the industry insider if this is the long-predicted crypto market “flush out.”
Kayamori, who heads Quoine, a “leading fintech company” centered around blockchain, first noted that while $4,000 was touted as THE technical bottom, BTC obviously fell right through that no holds barred. Echoing Ver’s thought process that the cryptocurrency market is unpredictable, the Quoine chief the noted that when it comes down to the nitty-gritty, like a prediction for a bottom, “nobody knows.”
“That said,” he continued, “when you look at historical [trends] and how things are going [now], I think the bottom is near.” Kayamori’s comments regarding a bottom interestingly echo those made by Ronnie Moas, director at Standpoint Research, and ThinkMarkets chief analyst Naeem Aslam.
The latter mentioned recently stated on the matter:
Whenever there’s a [market] panic of this [size], it’s almost certain that we’re nearing a bottom… So we are very close to finding that Bitcoin bottom, wherever that bottom lies… Now is the point where you start preparing yourself to be in a position to participate [in crypto].
Kayamori, speaking on why he believes the BTC bottom is looming, drew attention to the Bitcoin Network’s rapidly dropping hashrate, noting that miners capitulating indicate that profitability “equilibrium” is near. He added that markets, driven by emotional traders, often over-shoot corrections and bull runs, with crypto presumably being no different.
Kayamori Expects New Bitcoin All-Time High By EOY 2019
Interested by his comment, the Bloomberg TV host then asked the Quoine CEO about where he expects for prices to head in the near future. Kayamori, who evidently has a vested interest in the strong performance of cryptocurrencies, told the outlet that he originally expected for bitcoin to recover by 2018’s end, but then noted that this isn’t likely to occur.
However, he went on to claim that as 2019 kicks into full gear, with the arrival of Bakkt, Fidelity Digital Asset Services, along with a multitude of other retail and institutional investor-focused products, BTC could begin moving drastically on “new momentum and sentiment.”
Explaining why this could be this case, he drew attention to Japan’s local market, noting that local regulators, including the self-regulating JVCEA, have begun to open up the market to new players, adding that new assets listings could help push market movement.
Concluding his interview, which painted a bullish picture for cryptocurrency market, Kayamori noted that by the end of 2019, bitcoin will “likely” surpass its all-time high at $20,000.
At the time of writing, BTC has found itself at $3,755, down 4.0% in the past 24 hours after weeks of tumult and chaotic price action.
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