For over one week now, Bitcoin has been experiencing a price upsurge. The price increase was first noticed on April Fools’ Day. Few days after, the digital asset nosedived, before picking up again during the weekend. Analysts pointed at uncertainties in the price of Bitcoin because it happened during the weekend. Bitcoin proved them run by continuing to spike higher until it stays a bit above $5,200.
Noticing the bullish trend, Vinny Lingham, the CEO and Founder of Civic, did not believe the bounce is worth buying. He asserted that buying Bitcoin at the moment may not be worth buying. His claim was that the bear is still foreseeable and may happen any moment only if.
Speaking on CNBC Crypto Traders, Vinny downgraded the possibility of this bounce pushing the crypto market to the much expected bull run. To Vinny, the bullish trend is still not clear. He asserted that until Bitcoin price surpassed the $5,700 to $,6200 range and remained in that mark for one or two day, it cannot be stated that crypto-winter is gone and the crypto market is set for a bull run.
How He Arrived at His Assertion That $6,200 Bitcoin (BTC) Price
According to Vinny, for every Bitcoin (BTC) bear market cycle, the bottom is determined by a two fold increase.
Vinny said the Bitcoin bottom so far is $3100. This made him say nothing less than $6200 bitcoin price’s required before any one can say Bitcoin is already set for a bull market or atleast the bear market’s over.
“Until and unless, Bitcoin crosses $6200, you cannot indicate the end of the bear’s market,” he said.
Vinny said the historical charts of the bear market cycles affirmed that the sentiment of bearish trend changes when the price is 2x the bottom. Until this happened, Bitcoin price won’t set for a bull run, he reiterated. Meanwhile, Vinny said Bitcoin (BTC) price could go below $3,100.
Is April Fools’ Day News Articles Behind Bitcoin Price Increase
Answering questions on whether the April Fools’ Day news articles added to the upsurge of Bitcoin price, Vinny said news does not move the market much in a bear market cycle.
“I think there was a mechanical change in the market; I think it was a decent amount of money coming in where the buying pressures overtook the selling pressure which pumped up the prices,” he concluded.