Bitcoin has been in a bearish downtrend for over a year, but the recent and the sudden rise in prices has caused FOMO among hidden bulls, pushing the price even higher. Vinny Lingham, the CEO of Civic Key and a Bitcoin enthusiast tweeted his views on the current rally and the next possible bull rally.
Bitcoin, at press time, had dipped its toes in the $6,700 level and was trading a few dollars below it. The market cap of Bitcoin has been consistently above $100 billion for more almost a week; moreover, Bitcoin dominance has hit 59%, which was last seen almost a year and a half ago, and the 24-hour price change has reached 7%.
Vinny Lingham tweeted:
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
Apart from Vinny Lingham, a lot of other veteran traders believed that $6,200 would be a major key resistance for Bitcoin to break and hold. However, some believe that $6,100 to $6,700 is the resistance. Bitcoin’s price already breached this range of resistance, however, the price rise will be significant if the price manages to close above the resistance.
Peter Brandt, an old school trader also mentioned that Bitcoin would make another parabolic move in the near future and said that this move would be “magnificent” and would take the price of Bitcoin to $50,000.
Michael Novogratz, the founder and CEO of Galaxy Digital, also added that Bitcoin’s price will triple over the course of next bull run and cross its previous high of $20,000.
A Twitter user @Amoliterno945, commented:
“Nice, Mike. You went through a lot of reporters that day! Really agree with the idea alts won’t go as bananas the next bull run”
Another Twitter user @OryCarter, commented:
“My first bull market experience. Just when I learned how to survive with bears now I must start to learn all over… cant wait. ”
The post Bitcoin’s [BTC] bull run may have started due to a key level and recent pump, claims Vinny Lingham appeared first on AMBCrypto.