Bitcoin predictions differ from one “expert” to the next. There are the likes of Tom Lee who still thinks that Bitcoin could potentially reach $15K this year despite the recent drop. And also, you have the likes of Mike Novogratz who remains optimistic thinking that Bitcoin can recover by next year.
But as an investor, it’s quite tricky to know exactly who to believe. Do you buy now or do you sell to minimize losses? During the height of Bitcoin’s parabolic bull run, it was able to hit near $20K in mid-December last year only to drop 83% and hover currently below $3,500.
There’s a prediction that Bitcoin could still hit below $3K and find its bottom at around $2,800. But this doesn’t mean that it’s the end for Bitcoin. For International rating agency Weiss Rating, the agency recommended that it is now the best time to buy Bitcoin.
Best Time to Buy?
Weiss Rating mentioned on their tweet said that “#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”.
The agency in the past ranked Bitcoin with a C+ rating. On the other hand, Ethereum was given a B rating by the agency on its first crypto ratings.
Juan Villaverde who is one of the leaders of Weiss Crypto Rating and price prediction model mentioned in a video interview last week that Bitcoin is going to “rise from the dead” again in 2019. He said that “We’ve seen a lot of progress on the adoption side throughout 2018, and that pretty much guarantees that we will see a bull market again and Bitcoin will make new all-time highs again”.
This is the same outlook that Mike Novogratz has. Mike Novogratz believes that it is possible to see Bitcoin to make a comeback either by 2019 or 2020.
Roger Ver and BCH
Weiss also has an opinion on Bitcoin.com CEO Roger Ver, who is currently in the middle of the Bitcoin Cash hard fork civil war. Weiss mentioned that it “doesn’t agree where BCH is going”, however, propagating the use of crypto as currency is a good thing saying that his “heart is in the right place”.
The tweet mentioned that “In spite of controversies around him, he’s doing a lot to facilitate (cryptocurrency) adoption as money, not just as a store of value”.
Should You Buy Now?
Should you be buying Bitcoin now? Considering how Bitcoin has come back over the past years, it might actually be a good call to buy Bitcoin today especially if you are looking at the long-term prospect of the cryptocurrency.
You also have a growing interest on the part of institutional investors. You have ICE partnering with Microsoft, not to mention the possibility that there could be a Bitcoin ETF in the coming months. But of course, the effects of institutional investors as of the moment are still not felt considering that Bitcoin and the crypto market are down in the past months.