Bitcoin has seen consolidation under $12,000 ever since unceremoniously losing that pivotal price point the week before last. The cryptocurrency now trades at $11,700 as of this article’s writing, having closed its weekly candle above a crucial support.
Arguably the technicals of the Bitcoin market remain in a shaky spot. Some have asserted that BTC’s rejection at $12,000 is a likely sign it will retrace towards the $10,000s, maybe lower.
Vinny Lingham, the CEO of Civic, seems to be unphased. The cryptocurrency investor asserted that there’s a good likelihood the leading digital asset will soon trade at a price of $15,000.
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Bitcoin Could Soon Hit $15,000, Says Industry Chief Executive
According to Vinny Lingham, the chief executive of crypto startup Civic, there’s a good likelihood Bitcoin will soon begin a leg higher to $15,000. He made this comment in reference to 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.”
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
Discussing the efficacy of his calls, Lingham noted to a commenter that he has rightfully called prior price action.
He added that he personally thinks that Bitcoin flips bullish on a macro scale if it converts $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 a number of technical traders within the space. One historically accurate analyst, for instance, who predicted BTC’s V-shaped reversal in March says a rally to $17,000 is imminent. That’s not $15,000, of course, but there’s a growing sentiment that Bitcoin will gap higher.
Part of a Longer-Term Uptrend
The rally towards $15,000 or $17,000 is expected to be part of a longer-term uptrend, spurred by a confluence of fundamentals.
Raoul Pal, CEO of Real Vision, recently commented that Bitcoin is likely to rally 50 to 100 times this market cycle due to macro trends.
Responding to Jerome Powell’s comments, Pal noted that the Federal Reserve seemingly wants anything but deflation. This, the investor explained, 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 also noted that macro factors are likely to drive vast amounts of capital to Bitcoin in upcoming years.
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