In the latest cryptocurrency news we have Vinny Lingham who is the chief executive of the blockchain startup Civic and a prominent investor. As of recently, Lingham issued a multi-part thread on the matter and broke down on why he believes that the ongoing Bitcoin Rally might not be sustainable.
What’s also interesting is the fact that Lingham pins his thought process to a single fact – altcoins – or what the blockchain entrepreur labeled as “various crypto assets” which have yet to decouple from the price action of Bitcoin.
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
According to Lingham’s remarks, if Bitcoin rallies or collapses, so will altcoins. Even though these moves are often on different magnitures, the overall trends are similar.
“This makes no sense. How can we have a situation where the market price of one asset dictates the value ascribed to other unrelated assets ,irrespective of whether or not anything changes in their own separate networks,” Lingham elaborated.
He also concluded that if Bitcoin is to enter a sustainable bull run which is backed by industry developments rather than a hype cycle, other assets will also need todecouple from BTC.
And while Lingham looks hesitant when admitting that bears are done with their bloodshed, the industry insider claimed that Bitcoin moving above $6,200 will put the asset into a “bull run” territory.
Simply put, $6,000 may be a crucial target for Bitcoin because it is also a margin where BTC held for more than two or three months in the middle of last year, making analysts think that it was the bottom and the penultimate level of support.
Right now, the predictions vary from analyst to analyst and until BTC convincingly surpasses $6,000 it would be irrational to determine if the market is in a “bull” or a “bear” state.
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