Bitcoin’s bottom was the most debated topic before the price surged. The hot topic of discussion in the crypto community now is, if the bull market has already begun and if Bitcoin will dip again before going on a massive rally.
Vinny Lingham, the CEO of Civic, spoke to CNBC’s Ran Neuner giving his view on the next leg of Bitcoin’s price movement. Lingham said that he wasn’t a believer of Bitcoin’s recent rally and that he would wait until Bitcoin goes back to $6,200 and consolidates for a while. He added:
“… If you look at bear market cycles and Bitcoin, typically, the bottom is dictated by a 2x rise, so the bottom so far we saw is $3,100, so $6,200 is where you can start saying that it’s going into a bull market or at least the bear markets over.”
Lingham further added that Bitcoin’s historical charts showed that the sentiment typically changed when the price doubled, which would be followed by an upward momentum. He also said that bear market cycle “wasn’t necessarily over” and that there was a chance that Bitcoin could go below $3,000 level. Lingham said that he would confident after Bitcoin rises above the $6,400 level after its consolidation.
“There’s two critical levels, the $5,700, which was the previous so-called bottom of the market that broke and then $6,200, which is the double of the current bottom $3,100, when we get past the $6,200, I think it will be reasonably clear.”
Lingham said that the parabolic rise in Bitcoin’s price could be linked to the $100 million buy order and that it made more sense but also added that Bitcoin would be stuck in a sideways market ‘purgatory’ for a while.
He also added that he was long on other altcoins as well and mentioned the extraordinary rise in Binance Coin, which surged by 350+% since the start of 2019.
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