Bitcoin [BTC]’s recent rally had caused a lot of people involved in the cryptocurrency space to speculate that the bear market had come to a close and that a new bull run was on the horizon. This sentiment received a blow when on May 16, the world’s largest cryptocurrency dropped by 20 percent from its $8,000 highs to settle near the fringes of $7,000.
Despite the downtrend, many proponents of Bitcoin have come forward to placate the fear amongst users who think that the coin will crash again. Vinny Lingham, the Chief Executive Officer [CEO] of Civic and a major Bitcoin proponent, tweeted:
“We’re in a Bitcoin recovery phase right now, since the $3100 bottom. Dips should be seen as good buying opportunities unless we drop below the $6200 support level. Watch out for network congestion and fees hurting this run in the midterm if it moves up too quickly to test $20k.”
The $6,200 support has been pointed out by a lot of analysts as a bedrock for Bitcoin to not fall to its older levels and maintain its current break from the sideways movement. Lingham had earlier stated that Bitcoin’s bull run may have started due to a key level and a recent pump.
During the start of the BTC’s run, the CEO had believed that if Bitcoin could hold the $6,200 level for a continuous 24-48 hour time period, then the bear market was officially over. Even though the first part of his prediction came true, Bitcoin holding above the $6,200 market for four days, the signs of the bear market waning is highly unlikely as shown by the latest fall.
Many users in the space had their own ideas about the price fluctuation, with Ivan BTC, a Bitcoin enthusiast claiming:
“$100 fees and we made it to 20k. Network fees will not be that high this time. Also don’t think network fees hurts btc upside potential. We need the pressure so services are forced to become more efficient at batching and now incorporating lightning network. Last bull run high.”
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