Vinny Lingham Says Bitcoin May Blow Through $10K, Test $12K Soon
By CCN: The bitcoin price is trading higher headed into the weekend and is currently hovering at $8,572, up 2.7%. After the recent spike beyond $9,000 and dramatic fall back to Earth, the market clearly is doing its best to go higher.
Just ask Vinny Lingham, who is at the helm of blockchain-fueled ID startup Civic and a general partner at Multicoin Capital. Lingham, who has only recently turned bullish on the bitcoin price, tweeted:
“This BTC action looks aggressive. Makes me think that we may blow through 10k and test $12k very soon; but $12k is a very heavy resistance level, so I would expect consolidation around the $10k level for some time if $12k is (likely) rejected.”
According to reports, Lingham-backed up-and-coming South Africa-based crypto exchange OVEX has completed a second fundraising round.
This BTC action looks aggressive. Makes me think that we may blow through $10k and test $12k very soon, but $12k is a very heavy resistance level, so I would expect consolidation around the $10k level for some time if $12k is (likely) rejected.
— Vinny Lingham (@VinnyLingham) May 31, 2019
Bitcoin Is Stabilizing
Technical trader Peter Brandt reflected on Thursday’s correction in the bitcoin price, asking if it was ‘enough to shake the…FOMO buyers from the trees.” He later observed that “BTC appears to be stabilizing after the 12% break on Thursday,” saying:
“I am willing to dip my toes back in the water.”