South African-born Vinny Lingham is the CEO and co-founder of start-up Civic, which deals with identity protection. In addition, Lingham has founded several other companies over the years and invested relatively early in Bitcoin. In the crypto community, Lingham is also nicknamed “Bitcoin Oracle.”
Now, the CNBC has asked Lingham about Bitcoin and its expected performance. Lingham said he believes the Bitcoin market remains trapped in the downtrend for another three to six months. He said:
“Bitcoin will remain in the range of $ 3,000 to $ 5,000 for at least three to six months. I do not think we're breaking the support level of $ 3,000 right now. I think there are many short-term purchases in this area. If we do not get out of the bear market in the next three to six months, the $ 3,000 level could be broken. “
When will the Bitcoin bear market end?
Different well-known analysts, such as Willy Woo, suspect an end to the bear market towards the end of the second quarter of 2019. At the same time, there should also be a very small chance that the downward trend will turn around in the short term.
After a correction by 80 to 90 Percent usually joins a long period of consolidation for an asset. For volatile assets, such as cryptocurrencies, consolidation can take three to six months. However, if there is no recovery in the next two quarters, Bitcoin could even drop below $ 3,000, as Lingham said.
Despite volatility and price drops, the industry has grown a lot in recent months. Added to this are ICE with Bakkt, Nasdaq, Fidelity, and many other institutions in Asia.
Lingham further stated in the CNBC interview that he believed that fundamentals should guide the course rather than mere speculation. The community sees it differently. Also, high volatility detracts from institutional investors, he said.
Is Bitcoin too risky?
The Bitcoin price has plummeted 35 percent over the last two weeks. This has deterred many retail and institutional investors, Lingham told CNBC. Because of this downtrend, the asset is currently too risky to invest in. He said:
“I believe that the market has deterred retail investors in the short term, as has institutional capital. The die-hard followers and HODLer will hold on to it in any case. It is a risky scenario. It's a bit too risky for me. But of course, high risk can bring high profits. If the market trend reverses, now could be a great time to buy. “
Sources: Twitter 1, Twitter 2, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/experte-bitcoin-kurs-steigen-in-den-sten-three-3-bis-6-monaten-nicht-about-5-000-usd/
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