Categories: Bitcoin Business

BTC Over 20K? Not Gonna Happen, Weiss Ratings Says

Click here to view original web page at cryptocrimson.com

Bitcoin’s recent bullish streak has brought so much optimism to investors that many experts and crypto enthusiasts believe the bearish trend of 2018 is over. Recently, a report from Adamant Capital explained that it is quite possible that the market is currently in a stage of accumulation prior to the next price escalation.

However, Weiss Ratings shares the general optimism, but with one peculiarity: They do not expect that this new bullrun will eclipse that of 2017, that is to say, they are skeptical that BTC could reach or exceed 20K in the medium term.

In a tweet shared with its followers, Weiss Ratings commented that according to its analysis, it’s “extremely unlikely” that the new bullrun will outperform the previous one. The reason given is that the market is still too immature to attract the capital needed to stimulate a growth of considerable magnitude.

The response from the community was fairly negative, with a significant number of accounts criticizing the firm for not having a long-term vision, not reading the indicators properly or being directly wrong.

One of those who does not share Weiss Ratings’ criteria is DigitalChaos30. This twitter user pointed out that there are important differences between cryptomarket and traditional market. The user explained that when it comes to crypto, each bullrun has been stronger than the previous one.

This analysis is compatible with a tweet recently published by Luke Martin and CryptoDonAlt who shared a graph showing the performance of BTC with candles set to one year.

The chart shows not only an obvious long-term bullish trend, but also demonstrates that each new bullrun has been superior to the previous one.

Until now, Weiss Ratings has always supported its analysis, explaining in depth its reasoning in reports or letters. The recent tweet however does not yet have a theoretical underpinning characteristic of this popular firm.

BTC is currently above 5200 USD (specifically 5298 USD at the time of writing) The monthly charts look relatively optimistic with a MACD close to bullish signals and an RSI in a comfortable zone.

graph: Tradingview
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