Bitcoin could yet break below its 2018 bottom of $3,130, the Civic CEO has warned.


Vinny Lingham, CEO of blockchain identity platform Civic, has revised down his short-term Bitcoin (BTC) price prediction on Jan. 11, telling financial news network Cheddar that the cryptocurrency could fall below $3,000.

In an interview, Lingham, who had previously forecast BTC/USD to trade between $3,000 and $6,000 in the coming months, said the market would either -ldquo;breakout or breakdown.-rdquo;

-ldquo;The reality is it-rsquo;ll probably trade sideways between $3,000 and $5,000 for another month or two while it-rsquo;s trying to find which way to go,-rdquo; he said, adding:

-ldquo;When it finds that direction, there-rsquo;ll be a breakout or a breakdown.-rdquo;

Lingham was speaking after Bitcoin lost its support at $4,000 to drop around $250 in a matter of minutes on Thursday.

The renewed volatility had followed several days of flat movements, cancelling out gains made earlier in the week.

Altcoins had reacted more intensely to Bitcoin-rsquo;s move, the top twenty assets by market cap losing up to 11.3 percent in the 24 hours to press time on Friday.

Civic-rsquo;s own CVC token, like many from the initial coin offering (ICO) boom of 2017, currently trades well below its issue price, but it is not a problem for the company, Lingham told Cheddar.

-ldquo;We-rsquo;ve been very mildly affected,-rdquo; he said, -ldquo;we took our ICO proceeds and held them in cash, so we-rsquo;ve been less affected than everyone else in the space -mdash; the people who held onto Bitcoin and Ethereum at very high prices.-rdquo;

Other sources warning about incoming Bitcoin lows meanwhile include veteran trader Tone Vays, who in December claimed a bottom could fall below $1,300.





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