A prominent cryptocurrency analyst and one of few yet to be convinced that Bitcoin will not sink lower than its December 2018 low of $3,200 once again is teetering on the edge of bullishness. Vinny Lingham, a South African entrepreneur and co-founder of the Civic (CVC) blockchain identity platform, has stated that he will come around to the belief that crypto winter is indeed over if Bitcoin can stay above the price many though would serve as immense resistance – $6,200.
Lingham has previously commented that he thinks Bitcoin unlikely to make any lasting gains until it moves up and down independently of other altcoins. However, he did also state that if we cross the $6,200 price point, we could very well be looking at a new bull run regardless of decoupling.
Lingham: If Bitcoin Holds, “I’m Going to Become a Raging Bull”
Bitcoin is currently sitting at its 2019 high point in terms of price. The world’s most popular digital asset by market capitalisation is having a much more positive start to this year than it did in 2018. In dribs and drabs, this has caused almost all those commenting on the market to state that bear market is now over and accumulation has already begun.
One of the last people to come round to this way of thinking is Civic CEO Vinny Lingham. The South African crypto entrepreneur took to Twitter last month to muse on the likelihood of the downtrend in prices having reversed. Ultimately, Lingham concluded that Bitcoin would not be capable of any sustained upwards movements until the rest of the crypto space stopped moving in tandem with Bitcoin.
For Lingham, the idea that XRP, Ether, Monero, or any other coin or token gains in value when Bitcoin does is ridiculous. He stated last month that it was evidence of a market that had little clue what made different digital assets unique and why some were better than others.
At the time, however, he did state that he was prepared to change his mind about the bottom being in, providing Bitcoin price could charge past the $6,200 level.
Well, guess what? Bitcoin did just that this afternoon. At the time of writing, a single unit of the digital currency will set you back $6,407. That’s quite an increase from the less than $4,000 it started 2019 priced at.
True to his word, Lingham has today taken to Twitter once again to update his market forecast. This afternoon, the entrepreneur posted:
If Bitcoin can hold the $6200 level for the next 24-48 hours, then the bear market is officially over and I’m going to become a raging bull!
— Vinny Lingham (@VinnyLingham) May 10, 2019
The $6,200 price area that Bitcoin stormed through earlier today was considered by many to be a significance area of resistance that would likely send Bitcoin much lower once again. Back in autumn 2018, Bitcoin had been holding steady above the significant price, when the news of the Bitcoin Cash hard fork that created the now hugely unpopular Bitcoin SV appeared to cause it to crash through support and find the current low point of this market cycle – around $3,200.
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