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Respected Cryptocurrency pundit and CEO of identity platform Civic, Vinny Lingham has revisited his earlier short time prediction, but this time he said Bitcoin (BTC) price could fall below $3000.
In a conversation with Financial news network Cheddar, Vinny who had made a prediction in the past that BTC could trade between $3,000 and $6,000 in the next few month, said the market is showing a sign of possible “breakout or breakdown.”
He said: “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.”
“When it finds that direction, there’ll be a breakout or a breakdown.”
Vinny spoke shortly after Bitcoin fell below $4,000, renewing panic in people that the digital currency may go below $3000 again.
The drop in value is an aftermath of Bitcoin sudden rise, which saw the digital asset climb to over $4000.
While several altcoins are showing signs of bearishness, digital assets like Verge (XVG), PundiX (NPXS) and Holo are on a Bull Run in the last 24 hours. However, Bitcoin has lost over 11% during this same period.
At the moment, CVC token is trading below its issue price, according to the CEO, that is not a problem.
“We’ve been very mildly affected,” he said, “we took our ICO proceeds and held them in cash, so we’ve been less affected than everyone else in the space — the people who held onto Bitcoin and Ethereum at very high prices.”
Also, Toney Vays and some others have earlier claimed the digital currency could fall below the said price. According to Vays, BTC could fall below $1,300.
Meanwhile, different countries are trying to create opportunities for cryptocurrency enthusiasts with outstanding regulatory framework. However, some countries are still making digital currency lovers go through hard time determining what they owe due to stiffer cryptocurrency regulations.