Bitcoin’s price action over the past few months has been impressive. It has managed to double in value in the last two months, especially impressive taking 2018’s bear market into consideration, but it still pales in comparison.
Bitcoin is up 129% year-to-date, while BNB has seen an astounding 432% performance increase as the entire cryptocurrency market embraces a new ‘Spring’. However, even with these relatively modest gains for the well-known high performing Bitcoin, there have been some pretty big and positive predictions.
Well known Bitcoin commentator, and head of CIvic, Vinny Lingham has come forward and stated that his views. Ligham, also known as the ‘Oracle of Bitcoin’ believes that Bitcoin will soon blast past $10,000 and test the reaches of $12,000.
Can it skyrocket?
Bitcoin recently tipped over the $9,000 mark, but it was fleeting and caused a massive correction. Having reached that milestone the price of Bitcoin fell back towards $8,000 and has been trying to recover ever since.
However, for Lingham, this is still being viewed as an ‘aggressive’ price movement, and for that reason there is a strong belief it will reach $10,000 and keep going. Where Lingham is a little more cautious is what it does following that price point.
Ligham, potentially looking at how Bitcoin reacted to reaching $9,000, is skeptical about the coins chances of reaching higher than $12,000 in the short terms if it does rally quickly to that price point.
Bitcoin’s growth in the last two months has been positive as well as impressive, but only relative to the previous 18 months where the coins struggled to pick up many gains and was on a general downward trend in a hash bear market.
However, even before that, the growth of Bitcoin was known to pick up huge gains in quick succession as the coin rallied from $8,000 to $20,000 in less than two weeks. The current growth pattern then is better than the bear market, but not as exponential as prior to that.
However, in terms of sustainability and potential for more growth, this is probably a good thing. Lingham’s prediction that it could smash through about $3,000 worth of growth is probably a bit parabolic, and thus he caveats it with the fact that it could quickly consolidate.