The only independent ratings agency in the US has just made one of its boldest calls to date, predicting the Bitcoin price will explode in 2019.
Weiss Ratings is predicting the Bitcoin price will surpass its previous all-time high of just below US$20,000, within the next twelve months.
It’s a huge call by the agency, which unlike most other major ratings agencies, relies on income from individual investors – not the companies it covers.
If Bitcoin was to set a new record high in 2019 it would need to climb around $US16,000 from today’s prices, but Weiss Ratings Mathematician Juan Villaverde says history shows it can happen.
“Through 2015, Bitcoin had suffered four bear markets with declines of 70% or more,” says Mr Villaverde.
“Each time, the so-called “experts” wrote its obituary. But each time, Bitcoin recovered and embarked on a new bull market that delivered average gains of 6,300% from bottom to peak.
“Then, last year, we witnessed Bitcoin’s fifth major bear market. And again, experts came out of the woodwork to declare that “Bitcoin is dead.”
Mr Villaverde believes the 2018 bear market has shaken out ‘weak hands’.
“Meanwhile, stronger diehard believers have held firm or even accumulated more Bitcoin,” he says.
“Distributed Ledger Technology has continued to advance, as major progress was made in fixing known deficiencies in first-generation cryptos.
“Among select coins, adoption has improved dramatically and overall, the groundwork was laid for a new bull market.
“Result: In 2019, much as it did after prior bear markets, Bitcoin will again rise up and head for new all-time highs.”
In a post to Weiss Ratings clients, a number of other bullish crypto forecasts for 2019 have been made, including:
- Bitcoin will increasingly be used as a store of value.
- Select altcoins will rise from relative obscurity to as much as 20 times their previous all-time highs.
- A select group of cryptos will compete to build a new kind of internet.
- Another select group of cryptocurrencies will disrupt the world of banking.
- Bitcoin ‘me-too’ coins will fade away.
- New coins will rocket to the top 10.
Quoine CEO also Bullish about Bitcoin in 2019
Mike Kayamori, the Co-founder and CEO of global blockchain firm, Quoine, has made a similar Bitcoin prediction for 2019.
In the final days of 2018, Mr Kayamori was pressed on Bloomberg television about how he believes Bitcoin will trade in 2019.
Pointing to positive regulatory moves, industry consolidation and security token offerings, he predicted new record highs.
“I think by end of next year it will surpass the all-time high,” he said