Weiss Cryptocurrency Ratings believes that Bitcoin price will rise in 2019 and eventually reach out for new all-time highs.
2018 was a year that started off with a lot of promise for cryptocurrency enthusiasts, but it turned into a protracted nightmare after a few short months. Nocoiners once again come out of the woodwork to declare that Bitcoin is dead and that all the cryptocurrency nonsense is over, once and for all. However, Weiss Cryptocurrency Ratings has a different take on where cryptocurrency is headed in 2019 and beyond.
2018 Not as Terrible as Everyone Believes
Weiss Cryptocurrency Ratings is a financial rating agency that painstakingly analyzes the cryptocurrency ecosystem. They examine virtual currencies using thousands of data points to separate the wheat from the chaff.
The analysts at Weiss are not pie-in-the-sky dreamers when it comes to crypto; they are realists that deal in cold, hard facts. Which is what makes their analysis of the cryptocurrency ecosystem something to pay attention to.
They note that while 2018 was a down year when it comes to prices, it was also a good year in that adoption increased, new technologies (Holochain and the Hashgraph) were introduced, and the Lightning Network was launched for the Bitcoin blockchain. In terms of fundamentals, Weiss believes that 2018 was a strong year indeed.
Bitcoin Price Will Rebound
As for 2019 and beyond, they have a couple of interesting predictions for Bitcoin. The first is that BTC will be increasingly used as a store of value. Weiss states:
Bitcoin costs virtually nothing to store. It’s extremely efficient to transport. It’s secure. And it cannot be confiscated by any government.
No other asset provides that combination of properties. And consequently, no other asset can currently compete with Bitcoin as a store of value.
The prediction that will warm the hearts of BTC hodlers everywhere is that Bitcoin price will rise again in 2019 and eventually strive for new all-time highs. The reason for this is that every major bear market for Bitcoin was followed by a new bull run that delivered “average gains of 6,300% from bottom to peak.” Weiss notes that 2018 was the fifth major bear market for BTC, which resulted in the weakest members of the market leaving. Overall, they feel that the foundation has been laid for a very strong bull market.
There are some other interesting predictions by Weiss. They believe that a number of altcoins will rise in value up to 20 times their previous all-time highs. Such coins will feature superior technology that will fuel their adoption. Conversely, coins that don’t bring anything new to the table will fade away. They specifically cite Bitcoin Cash, Bitcoin SV, and Litecoin in this regard.
If Weiss Cryptocurrency Ratings is right in their predictions, 2019 and beyond is going to be exciting for cryptocurrency enthusiasts. They even believe that XRP could overtake Bitcoin as the world’s foremost crypto if it manages to displace the SWIFT payments network to a substantial degree.
Do you think Weiss is correct in that a major bull market is coming for Bitcoin? Let us know in the comments below.
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