With the leading cryptocurrency dropping to yearly lows that were just nightmares months ago, there are some analysts and crypto enthusiasts which have taken to social media to let members of the crypto community know that they should load up on the crypto asset before it goes up in price again. Some of these thoughts have got more reliability in them such as Martin Weiss and WeissCryptocurrencyRatings which are usually trusted throughout the community.
The research company and Weiss have been known for being a trusted body for years now and many investors put their trust in them when it comes to buying stocks and investing in mutual funds and ETFs.
Bitcoin is currently trading just under $3,500 at the current time of writing but when it was creeping down to the $3,000 mark, Weiss ratings came to a positive endorsement for the leading cryptocurrency after tweeting, “#BTC is getting to such low levels that it’s becoming one of the best buying opportunities of the year. As a store of value, #Bitcoin is here to stay. We truly think it’s the least speculative investment a person can make in #crypto right now.”
According to ZyCrypto, the latest support for Bitcoin by Weiss Ratings isn’t a massive shock for many since the company has been backing the leading crypto for some time now. The firm but its belief in a bull run on developments that are coming in the near future such as possible US congressional actions and the launch of Bakkt. Last week, talks took place between Dr Bruce Ng and Martin Weiss on the same matter. Ng said:
“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. Could greatly enhance the liquidity, stability and overall size of crypto, helping to create a multi-trillion dollar global marketplace unlike any we’ve seen before.”
With financial projects such as Bakkt coming into the cryptocurrency space in full force, there will be more real-world use cases and applications that are being developed and it seems like the market could recover sometime next and possibly bring in higher values along with it.
It’s worth noting that we are not financial advisors and this is not financial advice. Investing in cryptocurrency is very risky, so only invest based on your own research and invest with money you can afford to lose, always remember to trade safe!