According to Vinny Lingham, CEO of Civic, the immediate future of Bitcoin does not hold surprising economic growth, but it seems that the currency is destined to remain largely "within reach" for the next six months ( during which the first alt asset could also slip under the $ 3,000 mark).
Speaking of the ongoing financial crisis on CNBC's Fast Money, Lingham has repeatedly implied that Bitcoin trading will remain limited between $ 3,000 and $ 5,000 for a period of at least 60-180 days (after which we might observe a little 39, of positive momentum). When asked if the price of BTC will be lower than the support level of $ 3,000, Lingham said there will be "a lot of short-term purchases around that brand".
With that out there, Vinny continued saying:
"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."
More on The Matter
Elaborating its current financial forecasts, Lingham told CNBC that, at present, it is extremely risky for investors to exit and buy BTC. However, this risk also comes from its fair share of potential rewards in the event the market is transformed in the near future.
"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. "
Finally, on the issue of the ongoing slowdown concerning the development of Bitcoin-based digital platforms, Lingham That said, while it certainly has had an effect on the crypto-dev community in general, the real problem that must be considered is the "proof of the future" of Bitcoin-based technologies.
As far as bitcoin is concerned, it is an efficient deposit of value, Lingham he added that "not" activity really qualifies as an effective long-term value storage option (nor can it compete with conventional payment processors such as MasterCard or Visa).
It is also worth noting that a couple of days ago, the founder of Galaxy Digital, Mike Novogratz, said he was quite confident that the current cryptography market will be able to rebound "by next year". To deepen the issue, Novogratz argues that at the beginning of 2019 "the price of most first class assets will start to rise". If this were not enough, he also believes that 2019 will be the year in which a whole host of consolidated financial institutions will move from "investing in cryptocurrency funds to invest in appropriate cryptocurrencies".