Bitcoin [BTC] could consolidate at $10,000 for a while if $12,000 is rejected, claims Vinny Lingham

The cryptocurrency market has been eagerly waiting for Bitcoin [BTC] to cross $9,000, however, that did not stop crypto enthusiasts from predicting what would happen of BTC after $9k. Vinny Lingham, the Chief Executive Officer [CEO] of Civic and a major Bitcoin proponent, had previously talked about how BTC dips were a ‘good buying opportunities’.

Now that BTC was valued above $8k, Lingham called the movement as ‘aggressive’. He added:

“This BTC action looks aggressive. Makes me think that we may blow through $10k and test $12k very soon, but $12k is a very heavy resistance level, so I would expect consolidation around the $10k level for some time if $12k is (likely) rejected.”

While many users agreed with Lingham, some rejected his opinion. Peter Brandt, an old-school trader, also commented on the current BTC trend. Brandt said:

“$BTC appears to be stabilizing after the 12% break on Thursday. I am willing to dip by toes back in the water.”

Source: Twitter

Source: Twitter

One of the Twitter users, who had studied the BTC charts himself, asked the users to be cautious due to a ‘4th rising wedge’.

Source: Twitter

Source: Twitter

Bitcoin fell by over 12% within five hours on May 31 and made a minimal 3% recovery the following day. At press time, BTC had a market cap of $151.91 billion and was priced at $8,565.43. The 24-hour trading volume of the coin was noted to be $23.85 billion as it noted 6.49% growth in the past week.

The post Bitcoin [BTC] could consolidate at $10,000 for a while if $12,000 is rejected, claims Vinny Lingham appeared first on AMBCrypto.