The scheduled execution of the bitcoin hard fork proposal Bitcoin Cash which is set to begin on August 1, 12:20 UTC, is hours away and yet the market, investors and traders remain confident in bitcoin and its ability to scale.
Earlier this week, bitcoin analyst and Civic CEO Vinny Lingham stated, “If I were running a hedge fund, I’d buy a ton of bitcoin and short them simultaneously. On August 1, dump bitcoin, cover shorts and dump BCH (Bitcoin Cash).”
Although Lingam has earned the title “Bitcoin Oracle” from the community for his accurate predictions on bitcoin price, there exists a limit of what technical analysis can achieve to predict the future price trend of bitcoin. Lingham essentially predicted the market to panic sell as the August 1 Bitcoin Cash hard fork approached. But in actuality, as BitGo engineer Jameson Lopp noted, it has been the exact opposite. In fact, bitcoin price rose from below $1,800 to $2,910 in the past 24 hours.