Civic CEO Vinny Lingham isn't very optimistic about the near future of Bitcoin. After dropping from $4000 to $3600 on Thursday, Lingham thinks BTC will retest $3000 soon.
"There is a good chance we'll retest $3000 as a low, and there is a good chance we break through it if it hits that low", Lingham says in an interview with Cheddar. "The market is trying to find a bottom and I don't think we found one yet."
A possible breakout will not occur in the coming months, according to Lingham. "The reality is that it will probably trade sideways between $3000 and $5000 for another month or two while it's trying to find which way to go. And when it finds a direction, it will break out or break down."
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"Sideways trading is a bad thing for crypto", Lingham continues. "Bitcoin in particular has a history of bubbles and bursts. Sideways trading doesn't help much. At this point in time you have more sellers than buyers, people trying to get out from ICOs, etcetera. And that's a problem. There is no real momentum in the crypto market right now."
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Bitcoin is currently trading at close to $3700.
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