Bitcoin has realized consolidation under $12,000 since unceremoniously losing that pivotal worth point the week before last. The crypto presently trades at $11,700, having closed its weekly candle directly above crucial support. Debatably the technicals of the Bitcoin market persist in a shaky spot. Some have asserted that BTC’s rejection at $12,000 is a likely sign it will retrace in the direction of the $10,000s, maybe lower. Vinny Lingham, the CEO of Civic, seems to be unphased. The cryptocurrency investor proclaimed that there’s a decent probability the leading digital asset will soon trade for $15,000.
Bitcoin May perhaps Soon Will Hit $15,000, Speaks Industry Chief Executive
Conferring to Vinny Lingham, the chief executive of crypto startup Civic, there’s a decent probability Bitcoin will soon begin a leg higher to $15,000. He made this statement about how $10,000 “represents strong support:
“It looks to me that #Bitcoin is poised for another leg up, with an overshoot above $15k, but then a retrace and heavy consolidation around $14k for a few weeks at least. I doubt this sub-$12k price holds for much longer, and $10k represents strong support right now.“
— Vinny Lingham (@VinnyLingham) August 28, 2020
Conversing the effectiveness of his calls, Lingham noted to a commenter that he has rightfully called prior price action. He furthered that he thinks that Bitcoin flips bullish on a macro scale if it alters $12,000 into support:
“I’m not a permabear or a permabull – I called the bubble, and I called the bear market. The bear market is almost over, if/when we break and hold $12k. So yes, I’m turning bullish.“
This sentiment is in line with some technical traders within the space. One factually accurate analyst, for instance, who prophesied BTC’s V-shaped reversal in March, articulates a rally to $17,000 is forthcoming. That’s not $15,000, of course, but there’s a growing sentiment that Bitcoin will gap higher.
Fragment of a Longer-Term Uptrend
The rally in the direction of $15,000 or $17,000 is predictable to be part of a longer-term uptrend, encouraged by a confluence of fundamentals. Raoul Pal, CEO of Real Vision, later commented that Bitcoin is to be expected to rally 50 to 100 times this market cycle due to macro trends. Replying to Jerome Powell’s comments, Pal noted that the Federal Reserve wants anything but deflation. This, the investor enlightened, will create market pressures over time that will drive capital to Bitcoin and gold at record speed. The Winklevoss Twins, co-founders of Gemini, have echoed the optimism. They as well noted that macro factors are probable to drive vast amounts of capital to Bitcoin in forthcoming years.