The question on everyone’s mind is whether or not the Bitcoin (BTC) bottom is in? There are many conflicting views as to which viewpoint is right, and there is evidence to support both outcomes. However, lately it appears there is more and more evidence to support that we have in fact already reached Bitcoin’s bottom.
Is the Bitcoin (BTC) Bottom in?
Supporting the idea that Bitcoin has already bottomed is Weiss Ratings, a well-known research firm that provides research, data, and insights to investors and traders around the world with regards to traditional stock markets as well as cryptocurrencies.
As previously reported by IIB, Weiss Ratings believes that now is the time to buy Bitcoin as prices remain close to $3,000. As seen in a tweet from December 2018, Weiss called for a Bitcoin bottom in the very near future.
#BTC is getting to such low levels that it’s becoming one of the best buying opportunities of the year. As a store of value, #Bitcoin is here to stay. We truly think it’s the least speculative investment a person can make in #crypto right now.
— Weiss Ratings (@WeissRatings) December 11, 2018
What’s interesting about this tweet is that 4 days later on December 15, 2018, Bitcoin reached its current bear market bottom of $3,150. Bitcoin has not dipped below that level since, and the sentiment around Bitcoin has become more and more bullish.
$570M Worth of BTC Accumulated by the 100 Biggest Wallets in the Last 60 Days
In addition to the Weiss Ratings’ tweet made in December, they have once again tweeted to suggest that the Bitcoin bottom is in.
According to Weiss, the 100 largest Bitcoin wallets (excluding exchanges) have been accumulating substantial amounts of Bitcoin over the last 60 days at low prices. In fact, Weiss says they have accumulated a total of 150,000 BTC, which at today’s prices is worth over $570 million.
100 largest #BTC wallets (not counting exchanges) have accumulated over 150k worth of #bitcoin during the last 60 days. They did this most likely to sell at peak and then buy back in at the lower price. Good for them.
— Weiss Ratings (@WeissRatings) February 27, 2019
Weiss has not provided any proof to back up these statements, but as they are a reputable research and data analysis firm, it’s taken to be true.
Moreover, if the largest BTC wallets have been accumulating this much Bitcoin during the lowest prices of the bear market, people are speculating that this is an indicator that the Bitcoin bottom is in.
However, while this me be taken as good news, one Twitter user by the name of Crypto Couple, pointed out a negative outlook to this development, stating:
I see positive and negative analysis on this. To me whales becoming bigger whales is not good => more manipulation power. At same time whales will want a bull run just as anyone, so we all profit when they decide to kick-start it. I hope volume will be strong enough to last long.
— Crypto Couple (@coupleofcrypto) February 27, 2019
Another twitter user by the name of Seba agreed with the statement above, further adding:
Wales will completely crsuh the next bull market when ever they feel its not going up, they can sell tens of thousands BTC in a minute and the market won't buy it up quick enough, hence creating a huge drop in price and massive panic – > more sell off will follow.
— Seba (@4themininoob) February 27, 2019
Taking these points into consideration, it’s important to remember just how powerful these crypto whales can be, and to always remain vigilant when investing in crypto.