Vinny Lingham, the managing director of identity management startup Civic, said in an interview with CNBC on November 26 that the price of Bitcoin (BTC) will remain at range range for several months, while it could bring down the $ 3,000.
Speaking at CNBC's "Fast Money", Lingham suggested that Bitcoin trading will be between $ 3000 and $ 5000 for at least three to six months. Lingham has expressed doubts that the price of BTC will fall from the support level to $ 3,000 since "in the short term there are many purchases around that brand".
However, Lingham stressed that "if we do not get out of the crypt of the bear market cycle in the next three to six months, that level of $ 3,000 could go."
Lingham has also said that it is "a little too risky" to buy BTC at its current point, adding that high risk comes with a high reward if the market changes. Lingham also stated:
"I think the risks at the moment are still higher than the upside in the short term, there will be better opportunities later. You may have to pay a little more, but […] buy at that level [$5,700] or $ 6,000 in the future would obviously be a higher price, but you will be more de-risked if Bitcoin can return to that level and return to its previous highs. "
Asked if the collapse of BTC prices has influenced the development of Bitcoin-based platforms, Lingham said it slows, but Bitcoin's "real problem is narrative."
Vingham notes that some people have bought a value reserve in Bitcoin, which says "it's not true". Others, he claimed, have bought the Bitcoin idea of a payment network that would compete with payment processors such as MasterCard or Visa.
Lingham, who was previously confident about crypto – entered the cryptocurrency market, and especially Bitcoin in 2013 – claims to have a "chess past" in the cryptic community for his skeptical attitude. In February 2017 he wrote a blog post that warns of the risks of "another bubble" in cryptocurrencies. Commenting on this problem, Lingham said that fundamentals must drive the market, not speculation, but the community does not agree.
Earlier this week, the founder of Galaxy Digital, Mike Novogratz, said he expects the cryptocurrency to "turn over next year" as "prices start to move". Novogratz also predicted that financial institutions will move from "investing in cryptocurrency funds to invest in their own cryptocurrencies for the first quarter of next year."