Bitcoin (BTC) has experienced a torrid November, which has seen the flagship cryptocurrency's value falling some 45 percent so far. BTC started November at £ 4,981 ($ 6,341), but its price at 8.45pm GMT on November 27 is just £ 2,859 ($ 3,640), according to CoinDesk.com. And Vinny Lingham, the CEO of Civic, believes the market's pessimism about bitcoin's short-term prospects will continue into the new year.
The $ 3,000 (£ 2,356). Mr. Lingham believes.
I think it stays in the range between $ 3,000 to $ 5,000 at least for three to six months
He told CCN: "I think it stays in the range between $ 3,000 to $ 5,000 at least for three to six months.
"I do not think we break through the support level of $ 3,000 just yet.
"I think there is a lot of buying in the short-term around that mark.
"If we do not get out of the crypto bear market in the next three or six months, the $ 3,000 level could go."
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Bitcoin price news: Bitcoin has experienced a torrid November
Mr Lingham is not alone in the market and he believes that he will be able to do it in six months.
Volatile assets like crypto generally have the consolidation period between three to six months.
But Civic CEO Vinny Lingham thinks if the cryptocurrency market fails to recover within the six months, this psychological $ 3,000 level could be breached, causing the downward spiral to continue through 2019.
Mr Lingham also believes if the crypto market volatility escalates then investors will refrain from supporting the assets, even if the market infrastructure strengthens.
"Extreme volatility does not make crypto an investment-grade asset," he said.
"If you keep talking about institutional investors coming to the table, you can not have this sort of volatility in an asset class.
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The recent crypto crash has spooked retail and institutional investors, Lingham explained.
To be invested in because of the pervasive bearish sentiments.
"I think in the short-term, you scare away the retail investors, you scare away the institutional money and the die-hards are hodlers, and they will like in whatever dry part they have left.
"For me, it's a bit too risky. It is high-risk, high-reward, if the market does turn, this could be a great time to buy. "
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Bitcoin price news: BTC's historic bull run in the final quarter of 2017 saw its value spike
Bitcoin's historic bull run in the final quarter of 2017 saw its value dramatically from less than £ 785 ($ 1,000) at the beginning of 2017 to almost £ 15,706 ($ 20,000) in December 2017.
This surge dragged hundreds of so-called alt coins in it wake – and many of them have now collapsed.
Though bitcoin's demise over the last two weeks, the flagship crypto is still worth more than it was in the summer of 2017.
And despite bitcoin's slump, there remains a voracious appetite for cryptocurrencies among institutional investors and the traditional financial services industry.
Bitcoin price bull and renowned venture capital investor Tim Draper, who recently reaffirmed his prediction that the bitcoin price will reach a whopping $ 250,000 by 2022, has said he expects the entire global economy will eventually pivot to cryptocurrencies, with bitcoin leading the change.
Mr Draper, whether or not it has been further developed by predicting that crypto will eventually constitute two-thirds of the entire world's currency value.