Vinny Lingham Considers Bitcoin Could Still Fall Below $3,000 In The Near Future
- Bitcoin could still fall under $3,000 according Civic founder Vinny Lingham.
- The digital asset is currently trading around $7,900
Vinny Lingham Considers Bitcoin Could Fall Under $3,000
Most of the cryptocurrency analysts believe that the virtual currency has already bottomed in December 2018. However, the CEO fo Civic, Vinny Lingham, said that the virtual currency could drop below the $3,000 level. He said that during a conversation with Ran Neuner a few days ago.
Mr. Lingham said that he was not a believer of Bitcoin’s recent rally and that he would wait for Bitcoin to go back to $6,200 and consolidate for a while. He explained that it is necessary to have a look at bear market cycles and Bitcoin since the bottom is dictated by a 2x raise. At the moment, the bottom that we have seen is $3,100 when Bitcoin surged to $6,200.
Bear Market Might Not Be Over
Lingham has also mentioned that the historical charts of Bitcoin show that the sentiment is changed when the price doubles. After it, there is an upward momentum. He has also stated that the bear market was not necessarily over and that there is a chance that the digital currency could go below $3,000.
Lingham commented about Bitcoin:
“There are two critical levels, the $5,700, which was the previous so-called bottom of the market that broke and then $6,200, which is the double of the current bottom $3,100, when we get past the $6,200, I think it will be reasonably clear.”
He added that he would be confident once the most popular digital asset surges above the $6,400 after this consolidation. In addition to it, he suggested that the recent parabolic rise in Bitcoin’s price could be related to the $100 million buy order.
At the time of writing, Bitcoin is being traded around $7,930 and it has a market capitalization of over $140 billion, according to CoinMarketCap.