After 2018’s bearish streak, especially accentuated in the last few weeks following the BCH hash war that led the market to go down more than 80 percent since its January peak, bullish statements became less and less frequent, however, for Sonny Singh chief operating officer of global bitcoin payment service BitPay, there are more than enough reasons to be sure that a bullish run is just around the corner.
Singh currently relies more on fundamental analysis rather than technical analysis. In an interview for Bloomberg, the Bitpay COO commented that traders and users “shouldn’t look at the price so much” and focus more on events that may affect the future of Bitcoin and the rest of the cryptocurrencies.
Bitpay’s Sonny Singh: The Bull Run Will Happen
Mr. Singh’s tranquility is not sentimental. From the objective point of view, Mr. Singh considers that the significant rally in the Bitcoin price rise will occur once the institutions interested in its use currently begin to get involved in the industry:
“I don’t think we’ll see any price movement up or down, let’s say for a long time until there’s really some new direction. And that would mean things like Fidelity launching their product next year, or Bakkt launching their product, or Square launching their product or Blackrock launching their ETF…”
Bitcoin is a Fraud? Think Again
Seeing that the price of Bitcoin went from costing 20k to touching annual minima below 4k, Bloomberg’s interviewer asked Mr. Singh whether he considered Jamie Dimon’s statements to be correct. Dimon had said that BTC was a fraud and would eventually explode.
Singh stated that although he agreed that a correction was imminent, he completely disagreed with calling Bitcoin Fraud:
I would imagine next year when Jamie Dimon sees Fidelity is launching its product, that his bank will also be launching a product too as well … Silvergate today announced an IPO … Coinbase will do an IPO next year … I think he’ll be changing that tune pretty soon next year, but then again, it might be Q1 or Q2 because these big companies take a long time to launch their products.”
No Altcoin Will Survive If Bitcoin Does Not Survive First
He was also emphatic in differentiating the Bitcoin (BTC) market from the rest of the altcoins. For Singh, the only way for altcoins to survive is for Bitcoin (BTC) to be strong enough to sustain interest in these alternatives.
“I think there’s a big night a day difference between Bitcoin and everything else. Bitcoin is the hundred pound gorilla. That’s the one that has a massive network effect. […] The other ones, I don’t know what is going to happen to them […] I think it is safe to say the ICO market is pretty much dead right now. Maybe a couple of them will survive, I’m not sure, but none of them will survive unless Bitcoin survives first.”
He concluded by commenting that if there is greater involvement on the part of the institutions, Bitcoin (BTC) could reach 15-20k again.