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According to Vinny Lingham, CEO of Civic, the cryptographic market and Bitcoin could be affected by their bearish tendency for at least three or six months.
The support level of $ 3000 has been quite strong, said Lingham and in the short term, the support level of $ 3000 will probably be maintained with the purchase orders set at the lower end between $ 3000 and $ 3,500.
Lingham He said:
"I think it stays in the range of $ 3000 to $ 5000 for at least three to six months, I do not think we're going through the $ 3.000 support level yet, I think there's a lot of short-term purchases around that brand If we do not get out of the crypto-bear market cycle in the next three or six months, the $ 3,000 level could go. "
Not being able to escape the Crypto Bear market in six months could lead to problems
Several eminent analysts, including Willy Woo, founder of Woobull.com, have said that the bear market in the cryptocurrency market could end in the second quarter of 2018, but there is a very low probability that the downward trend will reverse in the short term.
Following a correction of the order of 80-90 percent, an activity normally tends to endure a long period of consolidation. For a fast-moving asset class such as cryptography, the consolidation period could last from three to six months.
But, according to Lingham, if the cryptocurrency market does not recover in the next two quarters, the support level of $ 3000 could be exceeded and the downward trend could extend until the end of next year.
In the last few months, despite the volatility of the cryptocurrency market, the industry has seen the entry of Bakkt, ICE, Nasdaq, Fidelity and many other financial institutions in Asia.
Today, November 27, sources reported that the Nasdaq plans to operate a Bitcoin futures market by the first quarter of 2019.
Lingham noted that if the volatility of the cryptocurrency market continues to rise, institutional investors may refrain from investing in the asset class even if the infrastructure strengthens and solidifies.
"[Extreme volatility] it does not make a investment grade asset a crypto. If you keep talking about institutional investors coming to the table and the ETF is approved, you can not have this kind of volatility in an asset class if you want to get a lot of money involved, "he added.
Bitcoin is too risky?
The recent breakdown of Bitcoin over the past two weeks by more than 35% has scared off retail and institutional investors, explained Lingham. Because of the downward trend, he stressed that the business is too risky to invest.
"I think in the short term, it's a market where you discourage retail investors, the institutional money is scared and the hard molds are hodlers, and they'll come in any dry part. too risky, but of course, it's high risk, high reward, if the market turns, this could be a great time to buy. "
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