While many are hoping that the crypto winter is over, some analysts believe the bears are still in control. Bitcoin (BTC) and other digital currencies have been under the influence of the bull for more than 15 months. Many digital asset investors and traders believed that the recent crypto bull marked the end of the crypto winter. However, Vinny Lingham does not agree with that notion. Will Bitcoin go up? Bitcoin price is already on the rise, but Lingham said the crypto winter is not yet over.
Lingam is a digital asset investor and the CEO of Civic – a blockchain startup. Recently, the digital asset investor explained why he believes that the bears are still in control and ongoing Bitcoin price rally might not last.
Why Is Crypto Winter Not Over Yet – Is Bitcoin Still the Best Cryptocurrency to Invest 2019?
The digital asset investor detailed his reasons in a multi-part thread. He said that the major reason why the crypto winter is not yet over is “altcoins.” He tied his thought to the altcoin market. Lingham said that the market has not yet decoupled the various crypto assets from Bitcoin (BTC).
Many people believe that the crypto winter is over. Here are some of my unfiltered thoughts on this topic. Charts & technicals aside, I don’t believe this rally is sustainable for one reason: The market has not yet decoupled the various crypto assets from Bitcoin.
— Vinny Lingham (@VinnyLingham) April 10, 2019
The CEO said that the prices of altcoins are tied to the price of Bitcoin. If Bitcoin price plunges or surges higher, altcoins will follow the same trend. While the magnitude of the downward or upward trends are not the same, the overall trends move in a similar way. Lingham said that this doesn’t make sense as the fundamentals of Bitcoin usually outperform that of other projects.
Rally Over the $6,200 level Will Signify Bitcoin Bull Run
Lingham refuses to admit that the bears are done with the cryptocurrency market for now. In the midst of this, many analysts believe that a move in Bitcoin price over the $6,200 level will put BTC in the bull run zone. Fascinatingly, this came after the short-term Tom Lee Bitcoin price prediction of $6k. Lee also said that Bitcoin (BTC) is presently in a bull market.
Lingham believes that a break over the $6k level is what will prove that the crypto winter is over. While the recent bull run saw Bitcoin price over the $5k level, it is yet to test the $6k level. However, the price of Bitcoin looks set to hit the $6k level in the short-term.
CNBC’s Brian Kelly Bitcoin Price Prediction 2019
There have been numerous Bitcoin price predictions 2019 in the crypto space lately. While some of them are outrageous, some of them actually look promising. Recently, Brian Kelly of CNBC joined the list of Bitcoin bulls. Recently, CNBC Fast Money hosted Brian Kelly. They hosted him to get more insight on what is next for digital currencies, in terms of crypto price.
Brian Kelly said that the recent move of Bitcoin price over the $5k level is a resurgence. The price of Bitcoin is up by more than 30 percent this month and looks set to hit new highs in the coming weeks. The short-term Brian Kelly Bitcoin price prediction 2019 is $6,000. However, Kelly believes that Bitcoin price will hit the $20k level in the long run.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, the price of Bitcoin (BTC) is $5,101 after a decrease of less than one percent over the past twenty-four hours. The current market cap of the digital currency is $91.69 billion. The trading volume of the digital currency over the past twenty-four hours is $20.69 billion.