Civic CEO Doubles Down On Bitcoin (BTC) Sub-$3,000 Call

Civic CEO Doubles Down On Bitcoin (BTC) Sub-$3,000 CallCivic Chief: Crypto Will [Eventually] Rise Again

Just days ago, Ethereum World News reported that the CEO of Civic, South African entrepreneur Vinny Lingham, took to CoinTelegraphs video arm to claim that he expects for the crypto winter to ravage on for a few months, noting that theres more pain to come. Lingham explained that he expects for Bitcoin (BTC) to fall under $3,000, before things get better, citing his gut feeling created by many years in this budding industry.

Days later, the industry insider, who has become a controversial figure in recent months, took to up-and-coming business news outlet Cheddar to talk about his aforementioned prediction, elaborating on his harrowing comment.

Speaking to Cheddars hosts, Lingham, who appears on South Africas version of reality TV show Shark Tank, noted that the crypto market en-masse is definitely trying to find a bottom, but will likely break to new lows if $3,150 is retested.

Lingham, echoing his own previous comments, then added that the reality is that cryptocurrencies will likely trade sideways for another month or two, as this market attempts to determine in which direction it wants to head. He went on to note that sideways trading is actually a net negative for cryptocurrencies, explaining that such price action (or lack thereof) kills industry momentum.

In a post on Twitter, which came after his Cheddar guest appearance, Lingham took to his soapbox to convey more of his comments on this budding market.

The crypto market will rise again, but most likely only when the pain of the recent fall becomes a distant memory. Dont underestimate the power of psychology in free markets…

— Vinny Lingham (@VinnyLingham) January 11, 2019

The Civic chief noted that eventually, this market will rise again, but only once the pain of the recent fall becomes a distant memory, likely hinting that he expects for this industry to remain in a lull for multiple months, if not upwards of a year. He added that investors and pundits shouldnt underestimate the power of psychology in free markets, such as Bitcoin and other cryptocurrencies.

Bitcoin (BTC) Slated To Fall Lower, Say Analysts

Lingham isnt the only crypto leader with expectations that not only could Bitcoin fall lower, but that this market downturn could extend longer than others may initially expect.

In a recent Twitter thread, Murad Mahmudov, a Princeton graduate with hopes of opening a crypto hedge fund, noted that Bitcoin at $4,100 was encountering titanium level resistance, drawing attention to a cluster of sell-side pressure and long-term trend lines that BTC was struggling to break out of. Closing off the thread, which covered market conditions in-depth, Mahmudov, who has quickly become a well-respected crypto commentator, noted that all in all, he expects that this bear market could sur ...

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Tags: Bitcoin, South Africa, Vinny Lingham, CoinTelegraph, United States dollar, Shark Tank