Bitcoin investors witnessed a massive slump in Bitcoin value this November in what is now referred to as ‘The great crypto crash of 2018.’ It was so bad that there were even speculations about the future of the cryptocurrencies, in general. However, the CEO of Quoine, Mike Kayamuri, begs to differ. In an interview with Bloomberg, Kayamuri estimates that Bitcoin will rise rather sharply by the start of the next year and probably end 2019 at an all-time high.
Kayamuri agrees that cryptocurrencies are unpredictable and no one can correctly anticipate their trends. But he believes that the bottom is near, and Bitcoin would not depreciate further. “If there are enough miners who 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.”
Bitcoin was the worst-hit digital currency last month, losing a whopping 37% of its market capitalization. It presently appears to be stable at approximately the $4000 mark. Though, it is unlikely that Bitcoin will get back until the end of the year due to lack of any ‘catalysts.’ But as the new year starts, Kayamuri suggests, a lot of factors are going to affect the trend.
There are speculations that starting next year financial regulators will soften their stance towards the sector. Citing examples of Japan where they are modifying regulations and approving new exchanges, Kayamuri remains optimistic that by the beginning of 2019 trends will be reversed. They are bringing in new laws and improved regulations which will prevent mismanagement and cybercrimes. Bitcoins will also gain broadly by a lack of consensus among developers of alternate coins or altcoins community about a clear course of action. Altcoins are the Bitcoin alternatives which gained traction as mining Bitcoins became more and more difficult. The present chaos will only further widen the void between Bitcoin and the altcoin community. Bitcoins remains the universally accessible and the most acknowledged cryptocurrency.
Another factor that is speculated is that the hikes in Bitcoins’ interest rates will probably pause. As a result, this will have a favorable impact on the market and more specifically for the investors in the upcoming year.
