Vinny Lingham, chief executive of Civic, is unfazed by this prospect, though. Lingham is also a partner at Multicoin Capital, a cryptocurrency fund that has had a focus on DeFi over recent months.
Lingham said that Bitcoin’s fundamentals are stronger than ever despite the price action. He says that macro events suggest that the cryptocurrency could surge 200-400% in the coming 12 months.
He added that chances are, there may be a more than 400% rally if we enter “bubble zone”:
“I haven’t been this bullish on #Bitcoin since 2016. Macro events are teeing us up for another bull run. BTC could go 3-5X in the next 12 months, but if it goes 5X+, we’re back to bubble zone. Key indicator is BTC dominance – if it drops below 35% during the run, caveat emptor.”
I haven't been this bullish on #Bitcoin since 2016. Macro events are teeing us up for another bull run. BTC could go 3-5X in the next 12 months, but if it goes 5X+, we're back to bubble zone. Key indicator is BTC dominance – if it drops below 35% during the run, caveat emptor.
— Vinny Lingham (@VinnyLingham) October 7, 2020
For context, Bitcoin rallying 400% from current levels will mean it trades at $53,000. This is notably a level marked by PlanB, a Bitcoin quantitative analyst. The level has been marked as PlanB’s model predicts the coin to hit $55,000 after the 2020 halving.
Lingham is far from the only bull expecting a parabolic rally in the near future.
Dan Tapiero, co-founder of Gold Bullion Int., recently said on Bitcoin’s prospects this market cycle:
“Tremendous long term Log Chart of #Bitcoin projects up 5-10x on this run. Just breaking up NOW. Should last a few years as 2.5yr consolidation is fantastic base for catapult up. Break of old highs will have explosive follow through. Time to sit and be patient.”
Others like Raoul Pal, CEO of Real Vision, also expect exponential growth.
TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some BATSend Tip now!