It hasn’t been the best past few hours for Bitcoin bulls. The leading cryptocurrency took a $1,500 price drop in the span of about five minutes, liquidating hundreds of millions worth of long positions as buyers were overextended.<\/p>\n
Bitcoin has since bounced back to $11,300, yet the rejection at $12,000 is still clear as day.<\/p>\n
For BTC<\/a> to continue higher, an industry executive thinks BTC must retake and hold the $12,000 region. He made the same comment in May 2019, which was before BTC also consolidated under $12,000 before exploding to $14,000.<\/p>\n Vinny Lingham, the chief executive of cryptocurrency startup Civic, said<\/a> $12,000 is pivotal for Bitcoin moving forward. Prior to the dump, the industry executive argued that Bitcoin needs to consolidate around $12,000 to confirm the ongoing uptrend:<\/p>\n “It was a good call last time. This time it\u2019s likely that Bitcoin holds $12k and consolidates around that level while capital moves into alt coins to test those waters. If $12k holds for a 3-5 days, then we can expect the next phase to be a buildup for a much bigger run…”<\/p><\/blockquote>\n It was a good call last time. This time it\u2019s likely that Bitcoin holds $12k and consolidates around that level while capital moves into alt coins to test those waters. If $12k holds for a 3-5 days, then we can expect the next phase to be a buildup for a much bigger run… https:\/\/t.co\/wQDUnp4rAZ<\/a><\/p>\n — Vinny Lingham (@VinnyLingham) August 2, 2020<\/a><\/p><\/blockquote>\nRelated Reading:\u00a0Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold BTC, DeFi Still in Vogue<\/a><\/h6>\n
Bitcoin Must Retake and Hold $12,000 Region<\/strong><\/h2>\n
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