Bitcoin Semi-Bull Vinny Lingham Says BTC Price Won’t Crash if Hovers Above $6,200 USD Value
There is almost never a shortage of predictions and forecasts about the cryptocurrency market. But recently, the number of these conjectures more than doubled when Bitcoin rallied and broke through $8,000. This new height, the first to happen in many months, led many to believe that the crypto winter was over and we will see a more bullish market for quite a while. However, what seemed like fresh fruits turned a bit sour when Bitcoin dropped from its value of around $8,000, losing almost 3%, to land around $7000. As at the time of this writing, Bitcoin is $7,165 according to CoinMarketCap.
Bulls Remain Optimistic
Most Bitcoin enthusiasts still believe that the price is unlikely to crash, regardless of how low the price has dropped. Vinny Lingham, the Chief Executive Officer of Civic who’s also a popular Bitcoin enthusiast has corroborated an opinion many analysts have, that Bitcoin will not crash as long as it doesn’t fall past $6,200. He’s also noted that any price drop above that support level should be exploited as an opportunity for purchase. Taking to Twitter to express himself, Lingham said:
We're in a Bitcoin recovery phase right now, since the $3100 bottom. Dips should be seen as good buying opportunities, unless we drop below the $6200 support level. Watch out for network congestion and fees hurting this run in the mid term if it moves up too quickly to test $20k.
— Vinny Lingham (@VinnyLingham) May 17, 2019
A while ago when the rally initially began, Lingham had said that one sure way to know beyond doubt whether or not the bear market was done is if Bitcoin soared above $6,200 and stayed that way for about 48 hours. At the time, this was easily achieved as Bitcoin didn’t just struggle to keep up but kept pushing forward quite remarkably. However, the current drop down almost reaching $7,000 is something to think about. If a pullback this significant can happen in such a short time, then there probably is the chance that a heavier one could occur. If that also happens, then maybe the crypto winter isn’t officially over just yet.
Another proponent has suggested that putting enough pressure on people and services so that they are more serious about developing and using the Lightning Network, might just be what we need. This is another opinion shared by many as they think that the use of the Lightning Network to improve Bitcoin’s speed and scalability drawbacks will definitely help push adoption and stabilize its value. In response to the initial tweet by Vinny Lingham, the proponent – Ivan Btc (@ivanba12) said:
“$100 fees and we made it to 20k. Network fees will not be that high this time. Also don't think network fees hurts btc upside potential. We need the pressure so services are forced to become more efficient at batching and now incorporating lightning network. Last bull run high.”
The fall hasn’t caused bulls to lose faith just yet. However, whether or not the optimism is a calculated opinion or simple hope due to enthusiasm for the market, it is worthy of note that most analyses didn’t see something like this happening anytime soon even with the fluctuations that happened around $8,000.