Civic CEO: “Crypto Winter Not Over Until Bitcoin Leaves Alts Behind”
The CEO and co-founder of blockchain-based identity platform Civic (CVC) has specified that he does not believe the crypto bearishness is over just yet. Vinny Lingham Tweeted that any upward rises are eventually unsustainable up until Bitcoin price can move individually of the other digital coins.
Lingham’s viewpoints stand in stark contrast to numerous analysts in the crypto industry who think that the downtrend observed following the 2017 crash in Bitcoin prices is over. The South African business owner states that too much upside without a decoupling between Bitcoin and the many alternative cryptos will ultimately result in more financier pain.
Lingham on Bitcoin and Alts: “Maybe We Need Another Bubble to Learn More Lessons?”
The CEO of the Civic blockchain-based identity platform, Vinny Lingham, has adopted a contrary view on the present Bitcoin and broader crypto market than those supplied by lots of analysts of late. The South African crypto business owner chose Twitter earlier today to supply his “unfiltered thoughts” on the topic:
Many people believe that the crypto winter is over. Here are some of my unfiltered thoughts on this topic. Charts & technicals aside, I don’t believe this rally is sustainable for one reason: The market has not yet decoupled the various crypto assets from Bitcoin.
— Vinny Lingham (@VinnyLingham) April 10, 2019
Unlike Fundstrat’s Tom Lee, RT News’s Max Keiser, and Morgan Creek Digital’s Anthony Pompliano, Lingham does not think that “Bitcoin is back” right now. Instead, he states the current significant price move upwards will likely end in more disadvantage for the leading digital asset by market capitalisation.
The CEO bases his opinion on the reality that Bitcoin is still largely correlated to the remainder of the crypto space in regards to price. He states that altcoins still rise together with Bitcoin, “regardless of value”:
“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?”
Lingham thinks that a fair price could be $10,000, $20,000, or even $100,000 per Bitcoin. Nevertheless, to arrive there, the number one digital asset must increase its dominance over the rest of the crypto market.
He mentions that the existing circumstance in which alts surge in tandem with Bitcoin is a sign of non-Bitcoin cryptos getting boosted by enhancements to BTC’s fundamentals which is ultimately contradictory to logic:
“How can we have a situation where the market price of one asset dictates the value ascribed to other unrelated assets, irrespective of whether or not anything changes in their own separate networks.”
Presently, Lingham shares the view of provocative yet often-proved-right YouTube technical expert, Tone Vays. Vays, a fierce Bitcoin maximalist, states that Bitcoin simply cannot actually reverse the trend it has been stuck in for over a year now until it is able to decouple totally from altcoins.
The former Wall Street trader believes that the present motion is simply another bull trap and Bitcoin price will more than likely go back to between the $1,000 to $2,000 range in the short to medium term. During this drop, Vays claims that alts will suffer far more and eventually never ever recover. When financier self-confidence is genuinely defiled, BTC can move northwards in a sustainable style as soon as this occurs.
Although less forthcoming with price targets than Vays, Lingham’s Tweet today seems to echo this sentiment:
“The key indicator for the start of a sustainable bull run is likely a decoupling of asset values from Bitcoin (i.e. Bitcoin’s strength weakens other networks or vice versa). Anything else is just speculation again (maybe we need another bubble to learn more lessons?”
Finally, the Civic CEO states that a transfer to the advantage of $6,200 for Bitcoin could lead to much more significant gains. Nevertheless, he goes on to signal that the correction following such a surge is most likely to be exceptionally violent unless the decoupling, himself and Vays are calling for, happens prior to or throughout such a move.
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