Institutional money does not come in Bitcoin and crypto-winter is not over: an analyst

Certainty and fear in the market are a factor that is primarily affected by price action right now than any other factor. Moreover, as Bitcoin has reached critical resistance between $ 5,500 and $ 6,500, we can expect considerable volatility outside the channel.

Thus, while the market is waiting for a decisive upward movement from BTC, Vinny Lingham, chief trade analyst, known as Bitcoin Oracle, suggested in an interview that:

"The crypto-winter is over when we paid $ 6200 … So it's not over"

Bitcoin Testing Heavy Resistance

According to Lingham, Bitcoin [BTC] is currently testing the main resistance channel formed between less than $ 6,500 and more than $ 5,700. He identified $ 6,200 as a key market indicator for a bullish trend, as it would mean a rise of "2x from the bottom up".

He said:

"We are actually at the top of the canal where we are … at this moment, we meet resistance"

Read also: Bitcoin [BTC] Enter the critical area of ​​"support and resistance" from $ 5700 to $ 6,200

A key indicator of the market that has argued for an upward trend has been increased interest by institutions for Bitcoin and cryptocurrency. However, Lingham noted that because of the recent lawsuit brought by New York AG against Bitfinex, he was confident:

"Institutions' money does not come as people think." He added, "I can not see ourselves spending $ 6,300 anytime soon. Fundamentals are not supported "

Read also: Bitfinex Premium on Bitcoin Riniscent of Mt. "The good old days" by Gox: Vinny Lingham

Lingham acknowledged the fact that he was not even expecting an increase until 2019. However, he correctly predicted falling levels from $ 5700 to $ 3,000. He also correctly suggested the longevity of the $ 5700 drop near 5-6 months.

In addition, he said, it would be years before bitcoins were traded in an omnipresent way about their overall value. In addition, the utility of Bitcoin is currently included in speculation. It therefore expects a withdrawal of less than $ 3,000 and a prolonged accumulation of bitcoins in the medium and long term. [BTC].

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