For Vinny Lingham, the CEO of Civic, Bitcoin is expected to grow between $ 3,000 and $ 5,000 for at least “three to six months”.
This is a new prediction that proposes Vinny Lingham – a prediction that is not likely to satisfy the “bitcoin enthusiasts”.
In an interview this week with CNBC, on the program “Fast Money”, the leader has predicted a “crypto-winter” for the coming months. However, he believes that the BTC should not go below $ 3,000, but provided the asset manages to exit its downward trend “over the next three to six months.”
— CNBC's Fast Money (@CNBCFastMoney) November 26, 2018
“I think he [Bitcoin] will stay in the $ 3,000 to $ 5,000 range for at least three to six months. But I do not see him coming down below his $ 3,000 support level. I think there are, in the short term, a lot of purchases at this level. However, if we do not come out of this “bear market” over the next three to six months, this support could be broken, “he predicted.
Willy Woo: a low in the second quarter of 2019
Other analysts share such pessimism.
This is the case of the trader Willy Woo, who recently said that Bitcoin should reach its lowest in the second quarter of 2019, before being able to enter a phase of “accumulation”, then to be able to relaunch.
Putting together the blockchain view, I suspect the timing for a bottom may be around Q2 2019. After that we start the true accumulation band, only after that, do we start a long grind upwards.
— Willy Woo (@woonomic) November 13, 2018
For Anthony Pompliano, who works for Morgan Creek’s investment company’s “Digital Assets” department, the BTC is set to reach a low of around $ 3,000 in the near future.
Here’s what he said on CNBC on Monday:
“We will find ourselves at approximately 85% of the historical record, in other words around $ 3,000. We have approached this weekend, and we should still see a moderate decline, “he predicted.
In recent months, and despite the downward trend of crypto-markets, several major financial institutions have decided to turn to digital assets. This is particularly the case of ICE, the owner of the NYSE, through its startup Bakkt, the asset manager Fidelity, or the financial giant Goldman Sachs.
Yesterday, it was also learned that the Nasdaq would consider setting up a futures market on Bitcoin during the first quarter of 2019.
Lingham also discussed the case of institutional investors – investors who would likely, for many observers, come to save the Bitcoin ship. He notes that if the volatility of crypto-markets continues to increase, they could refrain from turning to this asset class, even as its environment seems to be structuring.
“[Significant volatility] can not allow cryptocurrencies to become a good asset class. Even if institutional investors were seeing the approval of an ETF, it is not conceivable to record such volatility in an asset class if you want it to attract significant capital. “
A market “too risky” for the moment?
For Lingham, the recent decline in Bitcoin, which has lost more than 35% of its value over the past two weeks, would have, at least in the short term, “scared” both savers and institutional investors.
“I think in the short term, in a market where savers are scared, so are institutional investors. Note however that the most ardent supporters, the “hodlers”, will be ready to continue buying. It’s a risky market for me. But it is high risk and high yield, and if the trend is reversed, it could be a great time to buy.