It’s obvious the crypto market is in a dire state. The price continues to find new lows and we experience short-lived rallies that never amount to much. The entire atmosphere of the market is a complete 180 from what it was in 2017 when we reached an all-time high of nearly $20,000 for Bitcoin (BTC).
However, while the price has decreased, the fundamentals have only increased. The industry has been building in the background, laying the foundation to sustain an even bigger bull run than before.
There are numerous notable minds who share this view, one of which is Mike Kayamori, the CEO of Quinone, a Japan-based cryptocurrency exchange platform that’s re-branding to the name “Liquid.” Kayamori understands the depressed state of the crypto markets but believes 2019 is the year things will turn around in a big way.
Recently Bloomberg TV interviewed Kayamori, where he shared his thoughts on the current market conditions, regulations in Japan, and where he saw bitcoin going into 2019.
The Depressed State of the Market
The interviewer started off by proclaiming Bitcoin’s massive growth from its inception some 10 years ago and recognized the digital asset’s substantial pullback from last December’s all-time high of nearly $20,000.
The interviewer then asked Kayamori about his thoughts on the current market conditions and what might be the technical bottom of Bitcoin. He replied saying:
I don’t know. No one does. However, when you look at historical patterns and where things are going, I think the bottom is near.
He explained that Bitcoin has already dropped further than most everyone expected, proclaiming that many believed $4,000 would be the technical bottom. Kayamori also admitted that he and many others originally believed Bitcoin would rally this November to December.
This end-of-year rally never came and doesn’t look like it will. Kayamori blamed this depressed state in the crypto market on a lack of newness, saying there was no catalyst to propel the market forward.
Although we haven’t experienced a catalyst worthy of sparking a bull run this year, Kayamori believes we will see big things in 2019.
Institutional Investment & New All-Time High by End of 2019
He stated that institutional investment and high net worth individuals will flood onto the scene with the rise of institutional crypto services like Fidelity Digital Assets Services and the Intercontinental Exchange (ICE), Bakkt.
These services and many more coming onto the scene in 2019 will bring new momentum and sentiment to the space, possibly leading to a substantial rebound for Bitcoin.
With this in mind, the interviewer asked Kayamori if Bitcoin has a good chance of reaching its previous all-time high soon.
The savvy exchange CEO replied optimistically, stating that it absolutely will. He even went as far to say it will surpass its all-time high of nearly $20,000 by the end of 2019.