Bitcoin Price “Will Get Worse Before It Gets Better”
Vinny Lingham, CEO of Civic, a blockchain startup focused on facilitating a so-called “Secure Identity Ecosystem,” recently sat down with CoinTelegraph for the outlet’s “Hodler’s Digest” weekly report. Lingham, a long-time entrepreneur in the nascent crypto industry and a “shark” on South Africa’s Shark Tank panel, claimed that he expects for Bitcoin (BTC) to fall in the near-future.
Speaking to the crypto outlet in an exclusive interview, Lingham noted that as it stands, a majority of people are “very skeptical about cryptocurrencies,” adding that he believes that’s a good thing. He explained that this is about crypto’s “adoption cycle curve,” noting that there is minimal real-world adoption, as Bitcoin and other assets are primarily used as a speculative medium.
So, Lingham stated that this industry will need to prove itself by building products, solutions, and services that have value, catalyzing adoption, subsequently pushing the market higher over time. Yet, he explained that for many proposed/in the works blockchain projects, the improvements envisioned are quixotic and likely unattainable at current development rates. He specifically used the term “pipe dream,” adding that only three to five percent of current tokens will survive this so-called “crypto winter.”
Continuing on this theme of bearish sentiment, the Civic c-suite head noted that there’s a high likelihood that 2018/2019’s bear market hasn’t hit a long-term bottom yet. He simply stated that “there more pain to come,” elaborating by noting that “things get worse before they get better.” Lingham explained that the Bitcoin price is likely to fall under $3,000, citing his “gut feeling,” which has developed over his three+ years of experience in the crypto realm.
Interestingly, he noted that if the asset doesn’t break out of this $3,000-$4,000 range in the coming months, BTC will “dip” and “it will go on forever.”
Lingham’s most recent comments come just weeks after the industry CEO claimed that Bitcoin will remain in a bearish state for six more months. Per previous reports from Ethereum World News, speaking with CNBC, the Civic chief explained that Bitcoin will likely remain range-bound between $3,000 and $5,000 “for a while.” Giving his claim more specificity, Lingham explained that trading within the aforementioned $2,000-wide range is likely to continue for a minimum of three to six months, a common timeline in the eyes of Bitcoin’s short-term bears.
Forbes Crypto Article Indicates Bull Case, Not Further Lows
In spite of Lingham’s quite harrowing comments, other industry analysts painted more optimistic pictures for Bitcoin’s future. A recent article from Forbes contributor Charles Bovaird claimed that sentiment on the cryptocurrency market is heading higher. Per data from Joshua Frank, the co-founder of crypto analytics provider TheTIE, Bitcoin’s “daily sentiment score” has been in the positive for all of 2019 so far, indicating that BTC could post “further gains.”
And according to technical data from CryptoPatterns’ Jon Pearlstone, Bitcoin is “showing multiple bullish signs” that may allow the asset to restest $4,500 in the near future. Jon didn’t mention what measures he was citing, but considering previous reports from Ethereum World News, there are a number of cryptocurrency technicals that are looking more bullish than bearish.
But even still, the optimists were met with their fair share of rebuttals and opposite opinions. Per our previous pieces, BTC’s move past $4,000 still hasn’t put it past “titanium level thickness cluster of resistance.” Trader Murad Mahmudov explained that the longer we fail to surpass key price levels, the more inclined traders should be to take shorts.
Title Image Courtesy of Hektor Ehring Jeppesen via Flickr and Bitcongress