Vinny Lingham Says Bitcoin Could See Sub $3,000 BTC/USD Price In the Future, Eyes $6,200 as Safe
Bitcoin (BTC) has experienced a few positive weeks that allowed the digital asset to reach $5,250 per coin after being traded close to $3,200 in December 2018. This has generated an increased interest in the digital asset and the sentiment in the market changed to positive in the last few weeks. However, Vinny Lingham, the helm of the blockchain platform Civic, thinks that the market could crash at any moment.
During a conversation with CNBC’s Crypto Trader Ran NeuNer, Changpeng Zhao, the CEO of Binance and Mr. Lingham discussed the market bounce that the market has seen at the beginning of April.
Mr. Lingham started by saying that he is not buying the current bounce until it will not go to $6,200. For him, this price would mean that the bear market is completely over. He has also mentioned that we are going to see a sideways market for a while.
Lingham has also explained that historically, Bitcoin has not escaped a bear market until the price is two times higher than the bottom. This is why he said that he would not be buying Bitcoin until it surpasses $6,200. He even mentioned that Bitcoin could fall under $3,000 in the near future.
On the matter, he explained:
“If you look at the historical charts, roughly 2x is when the sentiment has been shown to be changed. And then we’re in an upward momentum. […] There’s absolutely a chance we could go below $3,000. I don’t think the bear market cycle is necessarily over.”
Moreover, he is also a partner at Multicoin Capital Management, which has a $100 million fund that invested in other virtual currencies such as Binance Coin (BNB).
Changpeng Zhao has also been talking about the top and what we could expect for the future of the space. He said that he believes that if the price went up so quickly this is because there was a lot of money waiting to purchase Bitcoin.
At the time of writing this article, Bitcoin is being traded around $5,200 and it has a market capitalization of $91.8 billion.
Live Bitcoin (BTC) Price:
1 BTC/USD =$34,966.3008 change ~ -1.58%