Institutional money does not come in Bitcoin and Crypto-Winter is not over yet: Analyst
The security and fear in the market is a factor that is primarily influenced by the price action than any other factor. Moreover, since Bitcoin has reached the critical resistance between $ 5500 and $ 6500, significant channel volatility can be expected.
Therefore, while the market is waiting for a crucial bullish move from BTC, leading trade analyst, known as Bitcoin Oracle, Vinny Lingham has suggested in an interview that
"Crypto-Winter is over when we break $ 6200 … Then there is not over yet "
Bitcoin Testing Heavy Resistance
According to Lingham, Bitcoin is currently testing [BTC] The Key Resistance Channel formed approximately below $ 6500 and over $ 5700. He identified $ 6200 as a critical market indicator against a bull run as it would mean an increase of "2x from the bottom."
He said:
"We are actually on the top of the channel we are at … right now we are resisting"
Read also: Bitcoin [BTC] Standing critical & # 39; Support and Resistance Zone on $ 5700- $ 6200
] A key market indicator that has built the case for a beef run has increased institutional interest in Bitcoin and cryptocurrency. Lingham noted, however, that because of the recent lawsuit filed by New York AG against Bitfinex, he was certain that "Institutional money does not come as people think it is". He added, "I can't see us moving to $ 6,300 anytime soon. Basics are not supported. "
Read also: Bitfinex Premium on Bitcoin reminiscent of Mt. Gox's" good old days ": Vinny Lingham
Lingham acknowledged the fact that he didn't even expect the increase until 2019, initially, but he correctly predicted The fall from $ 5,700 to $ 3,000 levels, he also suggested long life from the autumn of 5,700 mark near 5-6 months.
According to him, it will also take years before Bitcoin becomes ubiquitously exchanged as for values globally. of Bitcoin is currently speculation, therefore expecting a withdrawal below $ 3,000 and an extended medium for long-term accumulation in Bitcoin [BTC].
Do you agree with Vinny Lingham's analysis? Please share your views
Article name
Institutional money does not come in Bitcoin and Crypto-Winter e is not over yet: Analyst
Description
The security and fear in the market is a factor that is primarily influenced by the price action than any other factor. Moreover, since Bitcoin has reached the critical resistance between $ 5500 and $ 6500, significantly high channel volatility can be expected.
Nivesh Rustgi
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CoinGape
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