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By CCN: The price of bitcoins is trading up for the weekend and is currently at $ 8,572, up 2.7%. After the recent surge above $ 9,000 and its spectacular collapse, the market is clearly doing its best to go higher.
Just ask Vinny Lingham, who is at the head of Civic, a young identity company, powered by the blockchain and general partner of Multicoin Capital. Lingham, who recently turned up on the price of bitcoin, tweeted:
"This action of the BTC seems aggressive. That makes me think we could blow 10k and test $ 12k very soon; but $ 12,000 is a very high resistance level, so I would expect a consolidation around the $ 10,000 level for a while if $ 12,000 is (probably) rejected. "
According to reported information, OVEX, a South Africa-based cryptographic exchange center, supported by Lingham, has completed a second round of fundraising.
This action of the BTC seems aggressive. It makes me think that we could spend $ 10,000 and test $ 12,000 very soon, but $ 12,000 is a very high level of resistance. I would expect a consolidation around the $ 10,000 level for a while if $ 12,000 is (probably) rejected.
– Vinny Lingham (@VinnyLingham) May 31, 2019
Bitcoin stabilizes
Technical trader Peter Brandt discussed Thursday's correction in the price of bitcoin, asking if this was enough to "shake up … FOMO buyers of the trees". He then observed that "the BTC seems to be stabilizing after the 12% break on Thursday," declaring:
"I'm ready to dip my toes in the water."
$ BTC seems to stabilize after the 12% break on Thursday. I am ready to dive your feet in the water. pic.twitter.com/wjoPKfY34c
– Peter Brandt (@PeterLBrandt) May 31, 2019
Still, Brandt does not expect Bitcoin to be adopted quickly on a large scale, tweeting:
"There are currently significant structural problems with the cryptography markets that will prevent widespread commercial and institutional involvement."
A recent Bloomberg article states that almost no one spends bitcoins and therefore the use of cryptocurrency as a currency is low. The publication cited data from chain intelligence firm Chainalysis. Considering that most transactions in bitcoins are traded, Chainalsyis suggests that speculation remains the main use of bitcoin.
| Source: Bloomberg / Chainalysis
Bitcoin consolidation
Lingham is not the only market leader to anticipate a price consolidation of bitcoin. CCN has previously reported that the bitcoin bull Michael Novogratz was also, although he provided a lower range than Lingham. Novogratz, who is the CEO of the commercial Galaxy Digital crypto-bank, expects BTC to "probably consolidate between $ 7,000 and $ 10,000."
He is apparently happy to be wrong and could take advantage of the momentum of bitcoin prices with several headwinds, including the strengthening of Microsoft on the Bitcoin blockchain and the Facebook launch of its own cryptocurrency, Globalcoin, by Mark Zuckerberg. At the same time, AT & T is also accepting BTC as a means of payment, namely whether the "stingers" want to part with their coins to pay their phone bill.
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