2018-11-28 00:33 |
Vinny Lingham’s Take On The Crypto Bear Market – Price Ranges Below $5,000 For 3-6 Months
The cryptocurrency market is in a crisis – there is an ongoing bear market that seems relentless. Bitcoin prices have fallen from an all-time high of over $19,000 and currently, trade at about $3,500. Now Vinny Lingham, the CEO of Civic 00 predicts that the crisis will loom longer before getting better or worse.
Three To Six Months Of SpeculationBitcoin prices took a sharp nosedive this month before getting their footing again. Monday also saw a temporary bull market that pushed prices above $4,000 again, but they have since fallen back to the current average of about $3,500. According to Vinny Lingham, prices may hold at this level – or, at least, between $3,000 and $5,000 before taking a decisive trend in either direction.
Mr. Lingham speculates that the ongoing range may last between 3 and 6 months. He made these remarks during an interview with CNBC’s Fast Money Segment. He was accompanied by other analysts and crypto entrepreneurs including Tone Vays.
Vinny Lingham is himself a crypto entrepreneur. He is the CEO of Civic 00, a new crypto startup that managed to raise about $33 million in an ICO held last year. Interestingly, Mr. Lingham’s cryptocurrencies now trade at figures below the original market cap.
Faint Hope, Unsafe InvestmentMany Bitcoin holders and investors are banking on institutional investors to help the cryptocurrency’s prices rebound come 2019. However, Vinny has bad news with this regard too. According to Mr. Lingham, the current bull market that is comparable to a blip in the ongoing bear market is bad news for the industry. It is a confirmation that the bears will keep on winning – it is also an indication that institutional investors may stay away from Bitcoin in anticipation of worse times ahead.
To this end, Mr. Lingham also advised against investing in Bitcoin for the time.
“The original narrative that I bought into was that this is a payment network that could compete with Visa and MasterCard at scale… Bitcoin can’t get there because the community has basically blocked a capacity increase from one megabyte upwards,” said Mr. Lingham.
False AccusationsThe popular narrative is that one block is limited to a maximum storage capacity of 1 megabyte. However, this narrative has been disputed after network data revealed that the average block stores more than this capacity of data.
That is not all – advances made in the lightning network are helping Bitcoin expand and become more efficient. Specifically, the network’s ability to process off-chain transactions has enabled Bitcoin to increase its capacity significantly, and this trend is expected to continue and pick momentum over time.
However, all analysts project that the future is bleak not only for Bitcoin but other cryptocurrencies as well.
ConclusionThe cryptocurrency markets have never been as volatile as they are now. Bitcoin prices have tumbled significantly and brought down many other cryptocurrencies with them. The overall market has lost over $20 billion. If Mr. Lingham’s words prove true, then the future is indeed bleak for the entire cryptocurrency industry – at least for the short-term.
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