Crypto Sell-off Not Done yet But Bitcoin Could See “Another Massive Bull Run” – Weiss Crypto Ratings

Must Read

Bitcoin Bull Rally Incoming? Market Price Keeping Below the Production Cost Ahead of Halving

Bitcoin is staying above its crucial level $9,000 for sometime now while experiencing some...

Trader shares the “Very Reason All Investors Should Hold some Bitcoin”

In 2020, the price of the leading asset had one of its worst one-day drops...

Bitcoin Sees an Influx of Retail Interest with Investors Doubling Down on HODLing

After tumbling down to below $6,500 yet again, Bitcoin went back above $7,000 in...
- Advertisement Banner
Earn Free Bitcoin

The crypto market made recovery on Monday as the world’s leading digital asset climbed to $8,920 and altcoins surged much harder. But today, prices yet again dropped and bitcoin is now hovering around $8,700.

These gains came after Bitcoin lost 16% of its value last week. The sell-off happened the same week the stock market crashed, in the worst week decline since the 2008 financial crisis. However, the correction in the crypto market was “extremely mild” in comparison.

According to Weiss Crypto Ratings’ Juan Villaverde, the retracement made by the cryptocurrencies was actually “right in line with what our timing models had been anticipating all along, even before investors began to worry about a pandemic.”

The Dow Jones Industrial Average had its worst one-day drop ever as well and the US stock market lost trillions of dollars last week but “it was reassuring to see crypto markets so calm and normal.” Cryptos performed very much like any other week, recording a normal correction.

Overall, crypto assets are trading more in line with the traditional safe haven gold that lost 4.5% of its value on Friday, in the worst drop since 2003, than like risk-on assets said Weiss Ratings.

Bitcoin to Put in a Low in mid-March

If we take a look at the Weiss’ crypto Index, it fell by 9.18% while the “supposedly” far more “stable” S&P 500 dropped by about double of this. The index sans bitcoin presented a similar picture, the altcoins were down 11.11%.

Weiss Crypto Ratings’ large-cap crypto index was down only 8.46% while mid-cap crypto index fell 12.85% and the small-cap index went down by 9.33%.

Usually, small caps are the ones that fell much harder but this time they held up relatively well. The fact that they are trading in line with the broad crypto market could mean “the selloff is likely not done yet.”

“It’s only after we see capitulation on the most speculative names that we can confidently call for a bottom,” said Weiss Ratings.

In 2020, we saw altcoins doubling in price, this strength suggests once these cryptocurrencies work off their “temporary overbought conditions,” we would end up experiencing a much larger correction.

“Our timing models indicate an important low, is likely by mid-March,” said Villaverde but after this low we could see yet “another massive bull run for Bitcoin.”

- Advertisement -
- Advertisement -

Latest News

Wyoming Amends Insurance Code to Allow Insurance Companies to Invest in Bitcoin & other Cryptos

In the first provision of its kind, Wyoming is allowing the domestic insurers to invest...
- Advertisement -Earn Free Bitcoin

Its’ Finally Here A 100% Local Non-Custodial P2P Cryptocurrency Marketplace.

Finfreeotc is soon launching a one of a kind peer to peer cryptocurrency market place. Their marketplace is 100% non-custodial,...

WorldMarkets continues with the success of its trading artificial intelligence

Today we live in the information age, and access to information is unlimited. And that produces the paradox of misinformation. That's why... Records Growth for The First Blockchain ​​Web Tv Platform Dedicated to Sport Clubs And Athletes

Sophia Antipolis (France) and Singapore: The first web TV platform dedicated to sports clubs and athletes opened in...

Crypto-Broker Instacoins Receives Operating License in Estonia

Instacoins Estonia OÜ, a cryptocurrency brokerage, is pleased to announce it has received an operating license from the Estonian Financial Intelligence Unit (FIU). The...