Bitcoin’s April rally has captured the attention of observers both inside and outside crypto–land, with the price perched above $5,200 once again. Blockchain pioneers are confronting the pop, even if they have different views on what it means.
Vinny Lingham, who is at the helm of blockchain identity platform Civic, isn’t convinced that crypto winter is over and wouldn’t be surprised to watch the price retrace its former lows. Binance CEO Changpeng “CZ” Zhao, meanwhile, is an unapologetic bitcoin bull who sees all of the signs that it’s onward and upward from here.
Lingham, who maintained a conservative bitcoin price outlook throughout the bear market, isn’t tossing that winter coat just yet. The Civic chief is not convinced that crypto winter is over, saying he is waiting for the bitcoin price to hold a particular level before he’s ready to concede that the bears have lost control.
“I’m not buying any bounce right now that doesn’t go to around $6,200 and stays there for at least 24-48 hours as being the end of the bear market cycle.”
While Lingham is willing to suggest that the bitcoin price is near the bottom of the bear market cycle, it could have more bouncing to go. Historically, bitcoin hasn’t escaped a bear market until the price is two times higher than the bottom. Considering that the bitcoin price bottom of the current cycle is $3,100, the cryptocurrency will have the “all clear” when it holds $6,200.