Weiss Ratings: Current Bitcoin Correction is the Best BTC Buying Opportunity Since 2015
Bitcoin’s rally to $8,400 has attracted a large interest from investors all over the world. There are analysts and experts that predict that the most popular digital asset is expected to continue its growth path in the near future as well. Weiss Ratings, a recognized independent rating agency, suggested that the best buying opportunity since 2015 is upon us.
Weiss Ratings Is Bullish About Bitcoin’s Future
On May 23, Weiss Ratings wrote a tweet in which Juan Villaverde, chief crypto analyst of the rating agency, suggests that Bitcoin correction and the best buying opportunity since 2015 are upon us.
Our chief crypto analyst Juan Villaverde predicts: Bitcoin correction and the best buying opportunity since 2015 are upon us. Here are the juicy details: https://t.co/VKVlPUmkeR#crypto #cryptocurrency #altcoins #bitcoin #BTC
— Weiss Crypto Ratings (@WeissCrypto) May 23, 2019
In a recently released article, Villaverde explained that the first correction after a bull market starts is one of the best times to enter the cryptocurrency market. For example, he says that in January 2012, when Bitcoin rallied to $7 per token from its bottom, the digital currency experienced a 45% correction. However, this was the starting point of a new bull run that would have allowed the virtual currency to reach $1,200 in 2013.
He went on explaining that the same happened in 2015 when Bitcoin hit $500 and dropped to $300 just a few days later. Villaverde explains that it is not possible to know whether Bitcoin will be repeating the same performance as in the past, but he shows that fundamentals are becoming better and better as time passes.
As he shows, the usage of Bitcoin is close to its all-time high and 24-hour transaction volumes are close to the same levels experienced in 2017, when Bitcoin was reaching its all-time high. At the same time, fees are not a problem for the network and they are close to their lowest point. Moreover, this is going to be addressed with a larger adoption of Segregated Witness (SegWit) that will allow each block to process a larger number of transactions.
Currently, each Bitcoin can be purchased for $7964 and it has a market capitalization of $141 billion, according to CoinMarketCap.