The price of Bitcoin (BTC) has dropped significantly from it’s all-time high of nearly $20,000 back in December. In fact, the price has dropped so much that many people in the crypto community never thought we’d see these prices again.
At the height of the parabolic bull run of 2017, people wished and begged for lower prices to buy in at. Well, it looks like their wishes came true as the price of Bitcoin is hovering around $3500, that’s an astonishing 83% decrease from it’s all-time high.
Throughout the entire 2018 bear market which we’re still experiencing, crypto community members everywhere have been predicting the Bitcoin bottom. From crypto influencers on Twitter and YouTube, to fan boys and trolls on Reddit, even reputable high net-worth individuals covered in news publications and on TV have been calling the Bitcoin bottom.
However, the reality is most everyone was wrong. Bitcoin’s price action shows no mercy to these predictions as it continues to break through key support levels and find new lows. But how low can it really go?
Martin Weiss and his team of researchers from WeissCrytocurrencyRatings has recently weighed in on the potential Bitcoin bottom. As seen in a tweet from the firm, Weiss Ratings believes it’s a great time to buy Bitcoin as it creeps down towards $3000.
Weiss Ratings is a well-known research firm that provides research, data, and insights to investors and traders around the world. They cover the traditional stock markets including ETFs, mutual funds, banks, credit unions, insurance companies, and most recently cryptocurrencies.
The firm has the respect of investors and 46 years of experience rating a variety of financial assets in the investment and trading industry. Therefore, as Weiss Ratings just endorsed Bitcoin, saying it’s approaching the “best buying opportunity” and declaring that it’s “here to stay”, their words will weigh heavily among members in the crypto community.
In a recent discussion between Weiss and Dr. Bruce Ng, a respected educator in the field of Distributed Ledger Technology (DLT) and a lead analyst at Weiss Ratings, discussed thoughts on upcoming developments that could lead to the next bull run.
The primary topic at hand was about the upcoming launch of Bakkt, a digital asset exchange for institutional investors and primarily known for their launching of physically settled Bitcoin futures.
According to NG, he is very bullish on the launching of Bakkt and believes it will bring an influx of institutional capital into the markets that could lead to the next bull run.
It’s hard to imagine a scenario in which Bakkt will NOT open the floodgates for large institutions to buy crypto. And the consequences are potentially far-reaching.
He later explained that projects like Bakkt could have substantial impacts on the maturing of the cryptocurrency market, making it a more attractive market for more institutions and investors to get involved.
Projects like Bakkt could enhance the liquidity, stability and overall size of crypto, helping to create a multi-trillion dollar global marketplace unlike any we’ve seen before.
Do you agree with Weiss Ratings that the Bitcoin bottom is near? Are you buying Bitcoin at these levels? Do you think Bakkt will lead to the next crypto bull run? Let us know in the comment section below.
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