The crypto space got exactly what it has been expecting during the past week. The bulls were back, marking the end of the long crypto winter, and more analysts agree upon the idea.
Not too long ago, Tron’s founder, Justin Sun was one of the voices who was claiming that Bitcoin has already hit a bottom this year and we should expect to be out of the bearish trend.
This is precisely what had happened.
There have been a lot of assumptions made regarding the price of BTC and altcoins, and most of them had been positive. Here’s another one.
If BTC reaches $6,200, big bulls could head our way
Crypto Slate is here with the latest BTC prediction which is a pretty bullish one as well. The online publication mentioned Vinny Lingham who is a general partner at Multicoin Capital and the CEO of Civic.
He says that if BTC can break out of $6,200, it has the potential to signal the start of a major bull run.
“That said, if we can break $6,200 for BTC, it will likely mark the start of another major bull run and could run hot and high, but if it’s pure speculation and other assets benefit disproportionately to value created, it’s likely not going to end well again.”
This means that as the Bitcoin price rises, so does the price of other crypto’s, irrespective of value. This is a key point – Bitcoin could double overnight, but does this mean other assets should too, even if nothing has changed on their end in term of development, network etc?
— Vinny Lingham (@VinnyLingham) April 10, 2019
The volume of BTC futures, a catalyst for BTC
The man also noted that while Bitcoin‘s price may rise a lot during the bull run, it’s still not appropriately met by an increase in adoption of fundamentals of the other cryptos that followed bulls so far.
The same online magazine also explains who the $6,200 level could give increased momentum to BTC, so if you want to find out more details, we recommend that you head over the original article and have a look at their analysis.
“If the volume of the bitcoin futures market spikes near to Apr. 4 levels in the future, it could serve as a short-term catalyst for BTC among other factors that could contribute to the momentum of BTC,” they write.
Fergus Reynolds joined Crypto Daily Gazette as managing editor in January of 2018 and is helping to lead the digital media startup’s next phase of expansion. A veteran business journalist with more than 10 years experience economics, Fergus has published content for Huff Post and Buzz Fee and was among the earliest journalists covering bitcoin and the innovations it later inspired. Fergus tells us he has “several” bitcoins.