The CEO of the Japanese Fintech company Quoine, Mike Kayamori, predicted in an interview with Bloomberg Markets: Asia on December 4 that Bitcoin (BTC) would exceed its previous peak price by the end of 2019.
After BTC’s slump, Kayamori expects the crypto market sentiment to improve next year, as there will be “nothing new, no trigger” for a price increase in the near future.
The CEO also stated that the 4000 mark was considered the “last low” this winter, but BTC has fallen even lower. “That means,” he added, “if you look at past price patterns and see where it’s going now, I think the low is close.”
He underpinned his analysis by mentioning the pressure from the Bitcoin miners, many of whom stopped their mining activities as the price slump reduced profits. Kayamori mentioned:
“If enough miners stop, the balance will soon be restored. And if you look at the fluctuations in the market, you can probably say that prices will soon reach rock bottom.”
Kayamori claims that Japanese regulators are slowly beginning to approve new crypto exchanges and token listings after digital assets worth $534 million were stolen in January from the record-breaking hack to the Coincheck crypto exchange.
In addition, the majority of domestic crypto exchanges are nearing the end of implementing the business improvement requirements issued by the Japanese Financial Services Authority (FSA) to bring order to the industry after the hacker attack on Coincheck. These regulatory measures will give more people confidence in digital currencies such as Bitcoin, which could have a positive impact on the price.