The CEO of identity management startup, Civic, Vinny Lingham, said that he expected the Bitcoin prices to be stuck in a range for the next 3 to 6 months.
In an interview with CNBC’s “Fast Money”, Lingham suggested that the price of Bitcoin (BTC), would range between $3000 to $5000 in the short term, while also expressing doubt that the Bitcoin prices could break their current support level of $3000. Lingham attributed his reservations towards a possible break of the $3000 support level, to a lot of buy trades currently being executed at around that level.
Lingham, however, intimated that if the price of Bitcoin remained in its current bear state in the next 3 to 6 months, then that $3000 support level would most likely to be breached.
Lingham also warned against purchasing Bitcoin (BTC) at the current prices terming it, “a bit too risky”. This may startle some investors who have taken advantage of the low prices to accumulate more coins. Lingham went on to say: “I think, the risks right now outweigh 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.”
On whether the slump in Bitcoin prices would affect the development of Bitcoin-based platforms, he argued that these developments will suffer a slowdown in development and added that the bigger issue though was the narrative around Bitcoin. He dispelled the notion the narrative that Bitcoin was a store of value, arguing that the notion had been proven to not be true.
Lingham who bought into the crypto space 5 years ago, claims to have a blemished past with the crypto community, after gaining the reputation of being a skeptic. Lingham is of the school of thought that Fundamentals should influence the markets and not speculation, but the crypto community widely disagrees.
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