Weiss Ratings believes that bitcoin price surging to $8,373 will open the doors to a once in a lifetime purchasing opportunity.
Weiss Says Buy the Dip
On Thursday Weiss Ratings tweeted that Bitcoin’s current technical setup presents the best purchasing opportunity for investors since 2015.
The independent rating agency based their assessment on analysis from their chief crypto analyst Juan Villaverde.
The analyst explained that Bitcoin’s recent surge to a 2019 high at $8,373 has primed the market for an impending correction that will represent the greatest purchasing opportunity since 2015.
According to Villaverde, similar price action occurred in 2012 and 2015 and the cryptoanalyst explained that:
In January 2012, for instance, after Bitcoin has rallied to $7 per token from its bottom of $2 just months earlier, Bitcoin suffered a 45% correction down to about $4. But that was a launching pad for a bull run that would take Bitcoin into four-digit territory for the first time in its history, hitting a high of almost $1,200 by December 2013.
Villaverde then pointed to an identical occurrence in 2015 when Bitcoin price notched $500 in November only to be followed by a sharp 40% sell-off to $300 a week later.
Will Bitcoin Pull Off a ‘Three-Peat’?
Naturally, investors will be concerned about whether history will repeat itself and the phrase “past performance is not indicative of future results” comes to mind.
Villaverde addresses this valid concern by pointing out that that Bitcoin’s fundamentals have improved significantly over the past year and the fact that Bitcoin usage is near all-time highs, with daily transaction volumes nearly reaching levels not seen since late 2017 is encouraging.