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.
-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;