Most people focused on Bitcoin trading in the cryptospace are concerned about “the bottom,” and whether the crypto winter has ended. A prominent Bitcoin enthusiast, Vinny Lingham, Founder of Civic Key, tweeted his thoughts about the same and the king coin’s recent rally.
Bitcoin’s rally on 2 April 2019, pushed its price by a few thousand dollars in a couple of minutes. As the rally continued over the next few days, many people were led to believe that Bitcoin had bottomed and that the bull run had begun. However, Vinny Lingham disagreed, claiming that the crypto winter had not ended since the market’s various assets had not yet decoupled from Bitcoin.
“This means that as the Bitcoin price rises, so does the price of other crypto’s, irrespective of value. This is a key point – Bitcoin could double overnight, but does this mean other assets should too, even if nothing has changed on their end in term of development, network etc?”
Lingham added that although the price of Bitcoin was rising, Bitcoin’s dominance had not increased disproportionately. The problem that Lingham described is that the price of every other cryptocurrency is correlated with Bitcoin, which is why even when there are no developments in other assets, their prices will rise if Bitcoin’s does.
Additionally, Lingham stated,
“The key indicator for the start of a sustainable bull run is likely a decoupling of asset values from Bitcoin (i.e. Bitcoin’s strength weakens other networks or vice versa). Anything else is just speculation again (maybe we need another bubble to learn more lessons? )…”
If Bitcoin breaks the $6,200 resistance level, it would be significant and that it would “likely mark the start of another major bull run,” he added.
A Twitter user, @BobLoukas, commented,
“Crypto winter might not be over yet, but the depths of the winter should be. We’re in the thaw, and there is a difference between those phases.”
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