Weiss Ratings Thinks Bitcoin’s Next Crypto Market Bull Run Price Will Not See 2017 Highs
Weiss Ratings: Next Crypto Bull Run Will Not Be Bigger Than 2017’s
Everybody in the crypto market is awaiting the next bull run. People are eager to see how high Bitcoin can go in the future and most believe that it may reach new highs that would dwarf the ones that were reached in December 2017.
However, it is also clear that not everybody agrees on this particular positive view about the future of the crypto market. Weiss Rating has recently used social media to affirm that the next bull will not be so big.
The company contested the idea that bull markets are always bigger than the previous ones. According to it, it is unlikely that the next crypto bull run will be bigger because bull markets generally are smaller since there is “only so much money in the world that crypto can absorb”.
This is obviously a view that is not so popular within the crypto market, as people believe that the portion of the market already absorbed by BTC is minimal and that there is plenty of space for growth.
So far, each bull run has outpaced the previous one, mostly because the crypto industry is still very new and there is not sufficient adoption yet. Bitcoin first broke the $1,000 USD ceiling in 2013 and it has been growing since then, always reaching new highs whenever a bull run starts.
The next rally started late in 2016 and it peaked in 2017. BTC broke its all-time-high again and its price went over $20,000 USD. Because of this, everybody expects the next time to overcome the price of $20,000 USD.
Weiss Ratings affirmed that the current market is overbought, though, and that cryptos will eventually pull back its price to $4,000 USD. At the moment, however, BTC is holding steadily with a price of around $5,300 USD, so we are not really sure whether Weiss Ratings is right or not.
The only way to know the future is to wait and to look at the market closely in order to determine the best investment strategies.