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April's Bitcoin rally caught the attention of observers, both inside and outside the crypto-land, with a price even higher than $ 5,200. The pioneers of the blockchain clash with pop even though they have different views on what that means.
Blockchain leaders are opposite sides of the bull market specter of Bitcoin. They all joined Crypto Trader, Ran NeuNer, CNBC, to discuss the next step in the price of bitcoin.
Lingham: "Absolutely", the price of bitcoin could reach new lows
Lingham, which has maintained conservative bitcoin price prospects across the bear market, is not yet launching this winter coat. The city official is not convinced of the end of the winter crypto winter, saying he expects the price of bitcoin to remain at a particular level before he can admit that the bears have lost control.
"I currently do not buy a rebound that is not around $ 6,200 and that it stays at least 24 to 48 hours, which marks the end of the bear market cycle."
Although Lingham is willing to suggest that the price of bitcoin is at the bottom of the bear market cycle, there may be more twists to wait. Historically, bitcoin did not escape the bear market as long as the price was twice as high as the bottom. Considering that the price of bitcoin at the bottom of the current cycle is $ 3,100, the cryptocurrency will have "cleared everything" when it will hold $ 6,200.
Vinny Lingham is not yet ready to get rid of her winter coat. | Source: Wikimedia Commons
"If you look at the historical charts, about 2x is the change of sentiment. And then we are in an upward dynamic, "said Lingham.
Even the most bullish bitcoin price outlook is considering the possibility that this is a step forward, two steps back for BTC. Lingham is not alone.
"It's quite possible that we're under $ 3,000. I do not think the bear market cycle is necessarily over, "said Lingham, highlighting the critical level of $ 6,200.
Otherwise, Lingham thinks that the price of bitcoin will be "stuck in purgatory" because it is trading for a short period between $ 5,700 and $ 6,200.
In addition, Lingham is also a general partner of Multicoin Capital Management, where their more than $ 100 million fund includes a long position on Binance Coin (BNB). Speak of the devil.
CZ: "People are not scared"
Changpeng Zhao, CEO of Binance, keeps a more optimistic bitcoin price forecast. | Source: REUTERS / Darrin Zammit Lupi
Changpeng Zhao, or CZ, head of the crypto-exchange service, Binance, sees the crypto market from a completely different point of view. In fact, he has been called "the most optimistic person in the industry," and there is a reason for that. He said of the April bitcoin price pump:
"The fact that the price could rise so quickly meant that there was a lot of money waiting to buy bitcoin and that they were really afraid of missing out on the FOMO mindset. So the fact that the price could rise so quickly means that the money was ready, which basically means that people still have a lot of faith in this industry. It's not like everyone's scared.
If you need more evidence that the price of bitcoin is in a bull market, consider the anecdotal evidence. Binance's orders have reached a record high, stable deposits are up and new user registrations have "jumped".
"All the data we have is growing right now," said CZ.
What does it mean? pic.twitter.com/orwPPwegCt
– CZ Binance (@cz_binance) April 9, 2019
CZ hesitates to make a forecast of the price in bitcoins, but he is ready to admit it,
"I'm still bullish."
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