The certainty and fear in the market is a factor that is primarily affected by the price action at the moment than any other factor. Moreover, as Bitcoin has reached the critical resistance between $5500 and $6500, considerably high volatility can be expected outside the channel.
Hence, while the market awaits a decisive bullish move from BTC, leading trade Analyst, popularly known as Bitcoin Oracle, Vinny Lingham has suggested in an interview that,
“Crypto-winter is over once we break $6200… So its not over yet”
Bitcoin Testing Heavy Resistance
According to Lingham, Bitcoin [BTC] is currently testing the key resistance channel formed approximately below $6500 and above $5700. He identified $6200 as a critical market indicator towards a bull run as it would signify a rise of “2x from the bottom.”
“We’re actually at the top of the channel that we’re at… right now, we’re hitting resistance”
A key market indicator that has built the case for a bull run has been increased institutional interest in Bitcoin and cryptocurrency. However, Lingham noted that due to the recent lawsuit filed by New York AG against Bitfinex, he was confident that,
“Institutional money isn’t coming as people think it is.” He added, “I can’t see us moving to $6300 any time soon. The fundamentals aren’t supported”
Lingham acknowledged the fact that he did not even expect the rise to 2019, to begin with. However, he correctly predicted the fall from $5700 to $3000 levels. He also correctly suggested the longevity of the fall from $5700 mark near 5-6 months.
Moreover, according to him, it would take years before Bitcoin is ubiquitously being exchanged as for value globally. Also, the utility of Bitcoin is currently comprised by speculation. Hence, he expects a pull-back below $3000 and an extended medium to long-term accumulation in Bitcoin [BTC].
Do you agree with Vinny Lingham’s analysis? Please share your views with us.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com