Bitcoin May Trade Range-Bound For The Next Three To Six Months According To Civic CEO Vinny Lingham

In a bearish market were everyone is trying to come to terms with the current situation, different people are looking for explanations and positive news to lift their spirit. The CEO of Civic, Vinny Lingham, recently said that the price of Bitcoin will remain range bound for the next few months before any significant break will happen. This was during an interview with CNBC in its Fast Money segment.

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$5,585.00
3.94%

According to Lingham, the price of Bitcoin will be ranging between $3,000 and $5,000 for at least six months. He believes that even if the price of BTC may fall as low as $3000, it may not break below this support. The buying pressure is high around this support level. However, during the interview, Lingham said that if the bear cycle isn’t broken in the next six months, the price may fall below the support at $3,000.

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$5,585.00
3.94%

According to him, it is risky to buy Bitcoins at this time. Keep in mind, however, that with high risks come high rewards. Anyone who buys now will have a lot to gain if the market eventually bounces back. In his words:

“I believe the risks at this time outweigh the benefits short-term. Better opportunities will present themselves later on. While you may have to buy at a higher price, say $5,700 or $6,000, the risk would be lower and you’d be sure that the price will increase in the future. Imagine buying at this level then watching the price go back to its all-time-high.”

Regarding how the price slump will affect the development of Bitcoin-based platforms, Lingham said that it has reduced the pace of development of these platforms. However, he believes that the real issue is the Bitcoin narrative.

While discussing the effect the price slump is having on the market, he noted that most people bought BTC to serve as a store of value and it hasn’t served this purpose thanks to the high volatility. He said that some other people were interested in BTC because of its usefulness as a payment processor like Visa and Mastercard.

Before now, Lingham was bullish about the market. He started dealing in cryptocurrencies in the year 2013. According to him, his skeptical attitude made him get into trouble with the crypto community in the past. In 2017, he published a blog about cryptocurrencies. He stated that cryptocurrencies are a bubble just like the Dotcom bubble. In the post, he said that the market behavior should be moved by fundamentals not speculation if the market is to survive. However, the cryptocurrency community doesn’t agree with him.

Lingham isn’t the only one that has talked about the future of cryptocurrencies. Not too long ago, Mike Novogratz Of Galaxy Digital said that there will be a flip in the cryptocurrency market next year that will push the prices up again.

Bitcoin (BTC) Price Analysis

At the time of writing, BTC was trading at $3,734.99. This shows that it was down by 6.06% against the USD. With a market capitalization of $64,974,338,145, the trading volume is around $6,537,266,293. The next few days of trading will determine if the price action will change.

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