Bitcoin had a positive start to the week, after a short rally on Monday, the coin extended this lead to reach over $12,700 on Tuesday. This was a more than 10% surge early in the morning.
Later in the day, the asset seemed to slow down and retrace back to the $12,300 range. In the morning surge, the king of crypto pulled up a majority of altcoins, seeing XRP climb back above $0.40 and ETH solidify its position above $300.
As the day unraveled, many of the cryptocurrencies slowed down and at the time of press, there is a mix of red. Fortunately for most holders, those in the red zone are only recording marginal drops of 2-4 percent. As such, the market is sitting comfortably above $350 billion and Bitcoin currently at $12,996 according to CoinGecko.
Buy On Next correction! Says Weiss Ratings
About a year and six months ago, Weiss Ratings gave Bitcoin a rating of C+. This was based on their rating criteria of adoption, technology, risk index, and reward index. Back in January, the rating firm believed that the risk index was ‘off the charts’ and its technology was outdated.
The only thing that was going well with Bitcoin at the time was adoption. Now, however, the firm believes that things have turned around. In a recent letter to its subscribers, the firm announced that they had upgraded Bitcoin to an A-. This is after bumping it to a B a few months ago.
This becomes the first time the firm has awarded Bitcoin an A- in history. Following this upgrade, the rating firm has advised its users to buy Bitcoin during the next correction. A clear sign that the asset is destined for great returns in the coming months.
Where Is BTC Headed Next
The bulls are looking to take full control of movement before attempting another run at its current year high of just under $14,000. Soon as the $14,000 mark is breached, all eyes will be on the $17,000 position before eventually moving further to its all-time high of $20,000.
Although Bitcoin is set to struggle with a couple of key resistance positions, based on its current momentum and key indicator, it is headed for $20,000 in the next couple of weeks.