Weiss Ratings has spoken up concerning the next bull run which some analysts say will be bigger than that of 2017. In a tweet, the firm said no bull run can be bigger than the previous one, but cryptocurrencies have a lot of potential because of investors likely to turn to the industry.
Some say the next #crypto bull run will be several magnitudes bigger. However, it’s highly unlikely – every bull market tends to be smaller than the previous one. There’s only so much money in the world that #crypto can absorb.
— Weiss Ratings (@WeissRatings) April 20, 2019
Many analysts have spoken about the bear market and the next bull run which Bitcoin and other cryptocurrencies have been warming up for already. One of the analysts, a researcher, and Co-founder at Delphi Digital, Tom Shaughnessy, said the next bull run will surpass that of 2017.
Convincingly, Tom said the 2017 bull run was triggered by an initial hype for the cryptocurrency technology which is why it did not last, but the coming bull market will be triggered by a true appreciation for cryptocurrencies as the traditional financial systems begin to fail investors.
Tom is not the only one who has seen great potential in the market, many others such as Tom Lee have repeatedly said Bitcoin is currently undervalued and trading at only 40% of its ideal price. Other Bitcoin bulls such as John McAfee see Bitcoin at $1 million by 2020.
Weiss Ratings’ position seems to completely counteract all these major bullish predictions and expectations. Does that mean Bitcoin cannot reach $20,000 again? This is a question many will be asking.
Weiss Ratings has a long history of giving professional financial advice and most have proven to be right. Although there is no clearly stated reason for their definite conclusion on this current matter, it is a statement that will draw the attention of investors and crypto enthusiasts alike and many will be interested to see how it plays out.
The next question is how high will Bitcoin rise in the next bull run if it cannot exceed $20,000? Should we expect $10,000 or less? Only time will tell if this will be the case.
Meanwhile, Bitcoin is apparently set to move higher in a slow but steady rise that has been sustained from one height to the other. It is currently trading at $5,335 according to Coin Market Cap, which is a significant increase from last week which is a good sign for the market.