- The bears wiped off at least $250 on Thursday as the market refreshed the volatility levels in 2019.
- “When it (Bitcoin) finds that direction, there’ll be a breakout or a breakdown.” Lingham.
Bitcoin has not been able to come out of the bear range since the year started. In fact, the cryptocurrency continues to record losses after failing to maintain ground above $4,000. Vinny Lingham, the chief executive officer of Civic, a blockchain identity platform has come out to adjust his prediction for BTC. His comments according to the article published by Cointelegraph reckon that the largest crypto by market capitalization is likely to drop past $3,000 level.
In a previous price forecast, Lingham indicated that Bitcoin was going to dance between $3,000 and $5,000. In the recent interview with the financial news network Cheddar, the CEO notes that Bitcoin will either “breakout or breakdown.” He continues to say that:
“The reality is it’ll probably trade sideways between $3,000 and $5,000 for another month or two while it’s trying to find which way to go.” In addition to that, Lingham says “When it finds that direction, there’ll be a breakout or a breakdown.”
His prediction comes at a time when Bitcoin had slipped below its short-term support at $4,000. The bears wiped off at least $250 on Thursday as the market refreshed the volatility in 2019. Prior to the drop, Bitcoin was trading in a sideways trend. The waterfall drop yesterday canceled most of the progress that had been made over the last one week.
Just like Bitcoin, the altcoins recorded significant losses resulting in a $16 billion loss in less than 24 hours. At the time of press, Bitcoin is trading at $3,686. There is a 3.65% loss in the last 24 hours. The trading volume stands at $6.1 billion while the market cap is holding ground at $64 billion.
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