Over the past year, the cryptocurrency industry has bore witness to many claims from “experts” who said that the price of Bitcoin would skyrocket to never-before-seen prices by the end of 2018, with estimates ranging from conservative ones of $15,000, to more liberal ones of $50,000.
Because the markets have failed to adhere to these estimates and are presently trading just a hair above their year-to-date lows, industry experts are now setting their sights for the end of 2019, with Mike Kayamori, the CEO of Quoine, telling Bloomberg that he expects Bitcoin’s price to surpass its all-time high of nearly $20,000 by the end of next year.
November proved to be one of the worst months of 2018, with Bitcoin’s price falling to lows of $3,800, from which it has stabilized around its current price of approximately $4,000.
Despite this, Kayamori noted that he believes the bottom is near for Bitcoin and the markets in general, and importantly added that nobody really knows how the markets are going to act over any given period of time.
As for his vision for the months ahead, Kayamori told the interviewer that he expects December to be a lack-luster month for the markets due to there not being any catalysts to increase Bitcoin’s price.
“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.” He further added that he believes the markets will build some upwards momentum sometime in the new year, stemming from renewed market sentiment.
Furthermore, he noted that unfolding regulations in Asia, and Japan in particular, may ultimately have a positive impact on the markets, as they will help to prevent hacks and mismanagement from occurring within cryptocurrency exchanges in the future.
The Quoine CEO also added that starting in the new year, exchanges will begin adhering to their improvement orders from regulatory authorities, which will ensure an all-around better experience for cryptocurrency investors.
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Despite Positive Developments, Bitcoin Still Performing Poorly
At the time of writing, Bitcoin is trading up 2.2% at its current price of just under $4,000. Although Bitcoin appears to have found some stability at its current price point, it has failed to gain any serious momentum since setting its year-to-date lows of $3,600.
Many investors and industry insiders, Kayamori included, are surprised that the markets haven’t seen any positive price action so far in the final months of 2018. This despite the fact that there are multiple positive developments occurring in the industry, like the entrance of institutional players into the markets, including crypto platforms and products from companies including Fidelity and the ICE-backed exchange, Bakkt.
Kayamori concluded the interview on a hopeful, yet cautious, note, saying that he expects Bitcoin to surpass its all-time-high by the “end of next year.”
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