Vinny Lingham, the founder of CIVIC Blockchain expressed his thoughts on the current market crash in an interview with CNBC saying that the cryptocurrency winters are coming and probably there will not be a rise in cryptocurrency prices for the next few months. He also mentioned about the bitcoin’s support at $3000 saying that breaking this support is quite tough as buyers are pushing the market up whenever sellers are trying to push the price down from this support level but if this support is broken bitcoin may fall down below this range if the current mear market keeps continuing for the next few months.
Risky to invest in bitcoin
Vinny also mentioned that it is quite risky to invest in bitcoin and other cryptocurrencies right now amidst the bear market as the price is expected to remain bullish for a short term at least.
The Bear Market
Cryptocurrency market is experiencing the worst bear attack of the year with bitcoin thrashing all the way down from $17-18K at the start of the year down to the $3000 range where it is trading at the moment. The current price of bitcoin lies around 3790 with the major support at $3000. Yesterday the price went up to $4200 which was a major relief for bitcoin hodlers but the bulls could not sustain the robust bears which brought the price back to around $3700. The current resistance level lies at around $3900.
Should you buy or sell?
Bitcoin and cryptocurrency markets are subject to market risks, the price may fall down to $1000 or improve back above $6000 but prominent market analysts are surely predicting a large selling pressure beneath the $3000 support range. If this support range is broken, the price may fall down even below $2000 easily. For now, analysts do not suggest buying but rather are suggesting hodlers to sell and earn some profits when the price rises again in the future.
What do you feel about the current market situation? Tell us in the comments section below.
