Investor: If Bitcoin Breaks $6,200, It May Mark the Start of a Major Bull Run

In the past week, the bitcoin price has increased by nearly 6 percent from around $5,000 to $5,300, following an initial 20 percent gain from $4,200 to $5,000.

According to Vinny Lingham, a general partner at Multicoin Capital and the CEO of Civic, if bitcoin can break out of $6,200, it has the potential to signal the start of a major bull run.

"That said, if we can break $6,200 for BTC, it will likely mark the start of another major bull run and could run hot and high, but if it's pure speculation and other assets benefit disproportionately to value created, it's likely not going to end well again."

Lingham also noted that while Bitcoin's price may rise significantly during bull runs, it is not met by a corresponding increase in adoption or fundamentals by all of the assets that followed the bull run.

Several technical indicators such as the 200-day moving average, 200-day simple moving average, and the exponential moving average, which are often utilized by technical analyst to evaluate the long-term trend of the asset, suggest an overall positive outlook for bitcoin.

Although bitcoin has easily climbed up to the $5,000 mark once it surpassed a key resistance level at $4,200, the movement was supported by various factors including the liquidation of hundreds of millions of dollars worth of short contracts that acted as stimuli.

4, the CME bitcoin futures market reportedly saw a record high volume at 22,542 contracts, worth a staggering $546 million.

If the inflated volume is removed from the bitcoin exchange market, the volume of the CME bitcoin futures market on Apr.

If the volume of the bitcoin futures market spikes near to Apr.

Grayscale's Bitcoin Investment Trust, a regulated investment vehicle that enables accredited investors to invest in bitcoin, recorded a 10 percent premium on the day, suggesting that the demand from institutional or accredited investors has increased in recent weeks as the crypto market recovered.