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The price of Bitcoin went past the $900 margin on December 23, surging to $911 at its peak. Just as Vinny Lingham predicted on December 11, once the Bitcoin price surpassed the $800 mark, it went straight to $900.
Bitcoin price analysis
The price of Bitcoin went past the $900 margin on December 23, surging to $911 at its peak. Just as Civic CEO and Bitcoin analyst Vinny Lingham predicted on December 11, once the Bitcoin price surpassed the $800 mark, it went straight to $900.
Bitcoin, Bitcoin Price, Vinny Lingham, China
In an interview, Bitcoin expert Vinny Lingham accurately predicted two situations: Bitcoin will hit $800 and once it does, it will spike to $900 in a matter of days. As Bitcoin went past $800, it rapidly increased to $911, surpassing $930 in large markets like China, which control 94.5% of all Bitcoin trading.
Vinny Lingham: If We Hit 800, We’ll Go Straight to 900 @civickey #Prescient - https://t.co/7y1jMwNwd1— Pantera Capital (@PanteraCapital) December 23, 2016
Vinny Lingham: If We Hit 800, We’ll Go Straight to 900 @civickey #Prescient - https://t.co/7y1jMwNwd1
Some analysts and financial outlets including Zerohedge commented that the surge in price could be referred back to panic buyers in China, opening up the market with highly anticipated buys for three days in a row.
The correlation between the Chinese market and Bitcoin is evident, the Bitcoin volume and price increased when the trading volumes and demand of the Chinese exchange market surged.
While mainstream media outlets including Business Insider and other analysts stated that the recent surge in the price of Bitcoin is a culmination of global economic instability and heavy capital controls imposed by leading governments, it is highly likely that the largest Bitcoin market played a vital role in the rising value of Bitcoin.
Moreover, as Chinese New Year approaches and more investors, traders, businesses and households plan to send money outside of the country, the demand for alternative assets like Bitcoin will spike due to the regulations on the outflow of the Chinese yuan.
In the midst of the devaluation of the Chinese yuan, the government heavily restricted the outflow of its national currency to prevent further devaluation. Thus, assets like Bitcoin, which cannot be seized or confiscated like gold, will be preferred by the general population.
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