Bitcoin will work in a limited range for 'three to six months'

Vinny Lingham, executive director of Civic, the emerging identity management company, said in an interview with CNBC on Nov. 26 that the price of bitcoin would remain in a limited range for several months as the brand could be shattered. . the $ 3,000.

Speaking of "Fast Money" on CNBC, Lingham suggested that the Bitcoin trade would be subject to a range of $ 3,000 to $ 5,000 for at least three to six months. Lingham expressed doubts about the possibility that the price of the BTC would lose $ 3,000 compared to the support level because there are "a lot of short-term purchases around this brand".

However, Lingham pointed out that "if we do not go out of the bear market cycle over the next three to six months, the $ 3,000 level could disappear."

Lingham also said that it is "a little too risky" to buy BTC at its current stage, adding that with high risk, the reward is high if the market moves. Lingham further stated:

"I think the current risks outweigh the short-term benefits, there will be better opportunities later, you may have to pay a bit more, but […] buy at this level[$5.700 ] or $ 6,000 in the future would obviously be a higher price, but would be less risky if Bitcoin could return to that level and return to its highest precedents. "

When asked if the drop in BTC prices had affected the development of Bitcoin-based platforms, Lingham claimed that it had slowed down, but that the "real problem of Bitcoin," was narration".

Vingham notes that some people bought Bitcoin as a store of value, which he says is "wrong." Others, he said, have bought the idea of ​​Bitcoin from a payment network competing with payment processors such as MasterCard or Visa.

Lingham, who was previously optimistic about cryptos – entered the cryptocurrency market and Bitcoins especially in 2013 – claims to have a "crash past" in the cryptographic community because of his skeptical attitude. In February 2017, he wrote a blog article warning against the risks of "new bubble" in cryptocurrencies. Commenting on this question, Lingham said the fundamentals should drive the market, not speculation, but that the community was not in agreement.

Earlier this week, Galaxy Digital's founder, Mike Novogratz, said he expected cryptocurrency to "change next year" because "it's at that moment that the prices start moving again ". Novogratz also predicted that financial institutions would go from "an investment in cryptocurrency funds to an investment in their own crypto-currencies in the first quarter of next year".