Civic CEO Vinny Lingham: “Bitcoin (BTC) to Drop Below $3,000 USD Before a Bull Run”
Civic’s CEO, Vinny Lingham appeared on Hodler’s Digest to speak on the current state of affairs in the cryptocurrency industry. Civic is a blockchain dedicated to offering the user a secure identification through the “Security Identification Ecosystem”
Vinny Lingham is well known for his efforts to increase awareness of the cryptocurrency industry on social platforms. He had strong predictions for Bitcoin during the YouTube show, stating the current $4,000 USD mark will drop to $3,000 USD soon before things get better for BTC. Despite his previous bullish predictions on BTC, Lingham stated that BTC price will range at $3,000 USD to $5,000 USD before plummeting to $2,000’s region.
He further stated BTC will stabilize in the $2,000 range for a minimum of three months before a bullish momentum takes effect on the coin. Well, predictions on a volatile asset like cryptocurrencies are likely to not happen especially in the long term.
Cryptocurrency markets are very speculative at the moment which has seen investors shy away from investing in the field. Last year in particular saw a huge selloff in the cryptocurrency industry as investors existed the market. Vinny Lingham sees the speculative nature of the industry as part of the ‘adoption cycle of cryptocurrencies’ and will soon be replaced by the real use of cryptocurrencies in the near future.
Lingham further explained the prediction for a fall in BTC’s price on the overall scams present in the market. The current crypto winter will wipe off most coins in 2019 as they offer no real use cases. As Warren Buffet once said, “We know who swam naked once the tide is low”.
Cryptocurrency projects will need to develop projects that solve real life problems while offering an efficient, secure and transparent platform according to Lingham.
The industry specialists remain divided on what direction the price of BTC will follow. And according to technical data from CryptoPatterns’ Jon Pearlstone, Bitcoin is “showing multiple bullish signs” that may allow the asset to retest $4,500 in the near future.