Tanya Abrosimova
Independent Analyst
- BTC/USD is drifting lower, back below $3,700.
- Vinny Lingham from Civic thinks Bitcoin will stay in the range for several months.
Bitcoin slips to $3,650 at press time amid slow trading activity with sustainable bearish sentiments. As the price departs from $4,000 handle, new lows might be reached rather sooner than later, creating another wave of panic selling on the cryptocurrency market.
While many crypto enthusiasts try to make the best of bad business, some experts admit that Bitcoin may stay at current levels or even dip lower before the bottom is reached.
Thus, Vinny Lingham, the CEO of Civic, thinks that BTC/USD will stay rangebound for several months. He also does not exclude further decline towards $3,000 before the real recovery starts.
“I think, the risks right now outweighs the upside in the short term anyway. There will be better opportunities later on. You may have to pay a bit more, but […] buying in at that level [$5,700] or $6,000 in the future would be obviously higher price, but you will be more de-risked if Bitcoin can get back to that level and make a run back to its previous highs,” he said in the interview with CNBC.
Bitcoin's technical picture
On the intraday level, BTC/USD is supported by $3,630-$3,600 congestion area. Once it is cleared, the downside may be extended towards the recent low at $3,466 and to weekly SMA200 at $3,139.
On the upside, the recovery above $4,000 will open the way to the next target $4,250 created by SMA50, 4-hour.
BTC/USD, 4-hour chart
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