If Bitcoin (BTC) Breaks $6,200, We Could Reportedly Witness The Start Of A Huge Bull Run
The past week was really important for the whole crypto space because it marked the return of the bulls after a long bearish crypto winter.
More experts and analysts have said that we’re definitely out of the bearish trend, but we still have to see what happens from here.
There have been a lot of Bitcoin-related predictions lately, and some of them might have seemed far-fetched.
Now, CryptoSlate brings another prediction which seems more plausible.
If BTC hits $6,200, major bulls could come
The online magazine mentions Vinny Lingham who is a general partner at Multicoin Capital and the CEO of Civic.
He says that if BTC can break out of $6,200, it has the potential to signal the start of a major bull run.
“That said, if we can break $6,200 for BTC, it will likely mark the start of another major bull run and could run hot and high, but if it’s pure speculation and other assets benefit disproportionately to value created, it’s likely not going to end well again.”
This means that as the Bitcoin price rises, so does the price of other crypto’s, irrespective of value. This is a key point – Bitcoin could double overnight, but does this mean other assets should too, even if nothing has changed on their end in term of development, network etc?
— Vinny Lingham (@VinnyLingham) April 10, 2019
He also noted that while BTC’s price may rise a lot during bull runs, it’s still not met by a corresponding increase in adoption of fundamentals of the other assets that followed the bull.
The online publication goes on and explains how exactly $6,200 could give BTC more momentum.
“If the volume of the bitcoin futures market spikes near to Apr. 4 levels in the future, it could serve as a short-term catalyst for BTC among other factors that could contribute to the momentum of BTC,” they write.
Bitcoin hits 400 million transactions
The Daily Hodl reported that on average, the BTC network processes about 350k transactions on a daily basis.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.