For over a month now every wannabe investor from Twitter to Reddit has been calling ‘the bottom’ for Bitcoin. As the digital asset continues to slide on an almost daily basis, many are left wondering if the catastrophic collapse will ever end. Over the past 30 days, BTC has lost almost half its value, dropping from $6,366 in mid-November to yearly lows of $3,249 on December 8th.
Finally, a glimmer of hope has come from one of the more respected voices in the crypto-sphere. Weiss Ratings, one of the leading providers of impartial information regarding financial instruments, recently tweeted the following:
“#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.”
A positive endorsement of that nature from such a potent player in the financial world is not something to be taken lightly. Weiss Ratings have been provided trusted investment advice to its customers for almost 50 years, helping investors around the world to make more informed decisions and reduce risk.
So when moon?
Of course, the statement doesn’t necessarily mean we’ve hit the bottom, but if we have, the more important question is when the next bull run will commence? Real estate investor Eric Dalius of Tech Bullion recently spoke to FXStreet about his optimism in an upcoming rally. He also believes now is a good time for investors to diversify their portfolios, despite most altcoins dropping by over 90 percent.
However, many other experts and analysts reckon there is still more blood to come and Bitcoin might only see a bottom between $2,000 and $2,500. The cryptocurrency is currently trading at $3,434 after finding support at $3,200 over the weekend. If the current uptrend continues, strong resistance could be met at $3,550.