Vinny Lingham Calls for 3-6 More Months of Crypto Bear Market
Crypto ‘Oracle’ Vinny Lingham, the CEO of Civic (CVC), a decentralized architecture for identity protection, believes the price of Bitcoin (BTC) will be range-bound between $3,000 and $5,000 for at least 3 to 6 months.
— CNBC’s Fast Money (@CNBCFastMoney) November 26, 2018
According to a recent interview with CNBC, Lingham doesn’t think Bitcoin will break below $3,000 due to a heavy concentration of short-term buyers around that mark, he does note however that if we stay range bound for longer than 6 months, that support line could very well give way.
Interestingly, Lingham does not recommend buying Bitcoin at current prices and advises investors to wait for confirmation of a break out from his suggested range.
I think, the risks right now outweighs the upside in the short term anyway. There will be better opportunities later on. You may have to pay a bit more, but buying in at that level [$5,700] or $6,000 in the future would be obviously higher price, but you will be more de-risked if Bitcoin can get back to that level and make a run back to its previous highs.
Bitcoin is currently up over 3% on the day to $3,862, representing a $67.1 billion market cap. Additionally, the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies, is up 3.8% on the day, bringing it to a 13% decline over the last week.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.