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Bitcoin (BTC) Will Pass $6,200: Prominent Crypto CEO

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In the latest cryptocurrency news we have Vinny Lingham who is the chief executive of the blockchain startup Civic and a prominent investor. As of recently, Lingham issued a multi-part thread on the matter and broke down on why he believes that the ongoing Bitcoin Rally might not be sustainable.

What’s also interesting is the fact that Lingham pins his thought process to a single fact – altcoins – or what the blockchain entrepreur labeled as “various crypto assets” which have yet to decouple from the price action of Bitcoin.

According to Lingham’s remarks, if Bitcoin rallies or collapses, so will altcoins. Even though these moves are often on different magnitures, the overall trends are similar.

“This makes no sense. 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,” Lingham elaborated.

He also concluded that if Bitcoin is to enter a sustainable bull run which is backed by industry developments rather than a hype cycle, other assets will also need todecouple from BTC.

And while Lingham looks hesitant when admitting that bears are done with their bloodshed, the industry insider claimed that Bitcoin moving above $6,200 will put the asset into a “bull run” territory.

Simply put, $6,000 may be a crucial target for Bitcoin because it is also a margin where BTC held for more than two or three months in the middle of last year, making analysts think that it was the bottom and the penultimate level of support.

Right now, the predictions vary from analyst to analyst and until BTC convincingly surpasses $6,000 it would be irrational to determine if the market is in a “bull” or a “bear” state.

For more price predictions, analyses and opinions, keep on reading DC Forecasts and see how we entered the list of best cryptocurrency news sites!

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Stefan is a full-time member and has been a Bitcoin Specialist for over 6 years. Providing daily news and updates for DC Forecasts.

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Bitcoin News

RBI Clarified: Bitcoin Is Not Banned In India As Of 2020

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The RBI clarified as a response to the legal case that was filed by the Internet and Mobile Association of India, that the benchmark cryptocurrency is not banned in the country of India. The Reserve Bank of India says that it has only restricted some regulated financial establishments from having to deal with anyone that uses digital currencies as we reported in the previous bitcoin news.The IAMAI also consists of a few crypto exchanges and it filed a petition against the RBI directive from 2018. It was considered that the central bank banned all kinds of usage, purchases or trading that will involve digital assets. The petition became a full-scale legal case that had the Supreme Court hearing recently. The association indicated that the decision of the central bank of India was illegal. They argued that the crypto trading is actually a legit business since there’s no actual law that forbids it.According to a recent report, the RBI clarified its stance on a 30-page affidavit and it clarifies that the bank has never actually banned cryptocurrencies but only ‘’ringfenced’’ regulated businesses from having to deal with cryptocurrencies:
 “Firstly, the RBI has not prohibited VCs (virtual currencies) in the country. The RBI has directed the entities regulated by it to not provide services to those persons or entities dealing in or settling VCs. The RBI has been able to ringfence the entities regulated by it from being involved in activities that pose reputational and financial risks along with other legal and operational risks.”
India has no shortage of problems when it comes to cryptocurrency or Bitcoin. The IAMAI’s legal case was only a reaction to the mentioned cases after the 2018 RBI directive. The cases noted back then that the banks and other regulated financial entities have to stop operating with the individuals or businesses that use digital assets. Some of the banks officials that operated with cryptocurrency stated that this could only bring an unwanted amount of risk:
 “Virtual Currencies (VCs), also variously referred to as cryptocurrencies and crypto assets, raise concerns of consumer protection, market integrity, and money laundering, among others. In view of the associated risks, it has been decided, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs.”
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Bitcoin News

Traditional Investor Ray Dalio: Bitcoin Fails As Money

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The prominent traditional investor Ray Dalio, commented about bitcoin recently saying that the cryptocurrency fails to serve the purpose of money. However, he also noted that people should look for an alternative of cash as the government can print out as much as they want which will end up decreasing its value as we are reading in our Bitcoin news today.The traditional investor Ray Dalio is one of the most popular US investors and hedge fund managers. He is the co-founder of the investment company Bridgewater Associates and while speaking at the World Economic Forum in Davos, Dalio commented more about Bitcoin, gold and the entire financial system of today. According to Dalio, the largest cryptocurrency has a very long way to go if it wants to serve as a real method of payment since high volatility is its main drawback and has to overcome this obstacle in the near future. When he was asked whether people should consider purchasing Bitcoin as buying gold, he answered:
 “There’re two purposes of money- a medium of exchange and a store hold of wealth. And Bitcoin is not effective in either of those cases now. […] It’s too volatile. Because of the volatility, you can’t go next to it.”
He continued to explain that the potential stablecoin of Facebook Libra, could eventually provide the needed stability in the future since it could serve as a cryptocurrency that is backed by several financial assets thus reducing its volatility. Dalio also shared a negative opinion of fiat money saying that ‘’cash is trash.’’ He believes that the world has a fiat-monetary system right now that allows governments to continue printing cash and this could lead to more economic turmoil since the fiat currencies will keep on dropping.However, the popular investor noted that even though the worldwide economy is doing good so far, people should not be too scared to enter the markets but they will have to have well-diversified portfolios. He added that investors should be global and emphasized that it is extremely important to purchase gold. He said that the central banks will buy gold instead of Bitcoin. The former proves itself as a ‘’reserve currency for a thousand years.’’
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One BitMEX Trader Sells $10M, Ignites Talks About Further Dumps

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The whales on the world's largest Bitcoin margin trading platform BitMEX have started selling large amounts of BTC. The crypto news today show us that after the rejection at $9,200, investors are moving towards hedging their holdings to brace for a bigger pullback. One BitMEX trader recently sold $10 million of his stakes, igniting the talks about more dumps coming in very soon.According to the @WhaleTrades Twitter profile, there have been many whales selling millions of dollars worth of Bitcoin in the past 24 hours. The one particular trade which is interesting is the $10 million worth of BTC sold at $8,665 by the mysterious trader.https://twitter.com/WhaleTrades/status/1219074057834057728Whales selling Bitcoin on BitMEX, as indicated by WhaleTrades, basically means spot sell orders at 1x leverage. This is very similar to selling Bitcoin to the US dollar on Coinbase or Binance in that investors are buying synthetic USD on BitMEX in order to hedge.
“Many of you may not know this, but if you want to eliminate your bitcoin exposure without actually going through the process of converting to fiat you can move your holdings into synthetic USD on BitMEX by shorting with 1x leverage,” top trader known as “Flood” explained.
Hence, a $10 million sell order on BitMEX as noted on whale account tracking bots is equivalent to an investor selling $10 million worth of Bitcoin to USD in spot. The filing of large sell orders in the past 24 hours by whales indicates that the market is anticipating a pullback for BTC in the short-term.On January 19, the Bitcoin price news showed that the BTC price rose to as high as $9,200 across major trading platforms but this upsurge was quickly rejected. Before the one BitMEX trader sold his $10 million, the BTC price rose to as high as $9,200 across major trading platforms.However, it was only a few minutes time when the Bitcoin price dropped by 6% and to as low as $8,430 on BitMEX. The general sentiment of traders in the past two days has been that after a sell-off, another spike for Bitcoin can be expected before the big drop.Many traders started favouring the idea of BTC being unable to escape the bearish trend now. According to theories, the only bullish scenario for BTC in which the dominant coin continues its extended rally is if the monthly candle closes above a high resistance above $9,500.
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Bitcoin Strengthens, Eliminating 6% Losses And Returning Above $8,600

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In today's cryptocurrency news, we can see that the price of the most dominant coin has finally stabilized after days of consecutive losses. We can proudly say that Bitcoin strengthens and is now still above 35% in yearly gains but is still in a tricky position after tumbling down from $9,200 to $8,450 a couple of days ago.Right now, bulls are defending the $8,600 level with strength. The market now needs to find a support area before the continuation of the bullish momentum is likely. But did the market find one already?Now, we can see that the price of Bitcoin is rallying towards the $9,200 level which makes it a 43% rally in just a month. Still, the 0.618 to 0.65 Fibonacci level (the golden pocket ratio) provided resistance as Bitcoin strengthens.Similar to this, the Bitcoin news now show that the $9,200 high used to be strong support during the summer of 2019 and can be classified as a major hurdle to take for Bitcoin. If the level breaks upwards, a healthy continuation of the bullish momentum is likely with targets around $10,000 and $11,000 on the table.Additionally, the 4-hour timeframe is showing a significant rejection from the $9,200 level. This rejection was created through a weak breakout around the $9,000 level which caused the technicals around BTC to 'trap' traders in this direction.However, Bitcoin strengthens and the chart shows that the dominant coin is currently stabilizing around the high that it established around January the 8th. This high is found at the $8,470 level.What we can see is that numerous movements during the weekend created CME gaps and these gaps are likely to be filled soon after. Given that the dropdown occurred on Sunday, there is now a new gap created on the charts - defined between $8,765 and $8,865. And if you are asking if this is a signal that the price is going to move upwards, it doesn't have to be like that. However, CME gaps are being used as a new indicator or narrative to trade.The total market capitalization charts show that there is still a significant resistance at $250 billion. However, the upwards momentum could definitely bring BTC above $9,000 and the market near these levels. 
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