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Bitcoin will be range bound for 3 to 6 months, says Civic CEO

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The price of Bitcoin (BTC) will remain bound in a range for several months, but it can fall below the $3,000 mark, said Vinny Lingham, CEO of identity management company Civic, on November 26.

During an interview on CNBC's 'Fast Money,' Lingham said that in the next three to six months period, Bitcoin will remain in the range of $3,000 and $5,000. He added that as there is "a lot of buying in the short term around that mark. [sic]," the price of BTC could collapse from the support level of $3,000.

The "$3,000 level could go," the Civic CEO added, if they do not move away from the cryptocurrency bear market in the next 3-6 months.

The "$3,000 level could go," the Civic CEO added, if they do not move away from the cryptocurrency bear market in the next 3-6 months.
Expressing concern over procuring BTC, he said that it is risky. However, Lingham added that high risk may lead to greater reward if the market turns.

"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," Lingham said.
On being asked if the plunge in price of BTC would influence the development of platforms based on it, he said that the crash would slow down the development, but the "real issue is the narrative" of the altcoin.

Mike Novogratz, founder of Galaxy Digital, had said that cryptocurrency would "flip next year" since "that's when prices start moving again."

During the interview, Vincent expanded upon the reasons why people bought Bitcoin. He said that a few people bought Bitcoins as a store of value, which has "proven not to be true," he asserted. However others procured Bitcoins as they assumed it to be a payment network which would compete against Visa or MasterCard, he added.
Lingham said that he had a "checkered past" in the crypto community due to his bullish outlook towards the digital asset. He had entered the crypto market, especially Bitcoin, in 2013.
Mike Novogratz, founder of Galaxy Digital, had said that cryptocurrency would "flip next year" since "that's when prices start moving again."

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