The flagship cryptocurrency continues to plunge below $3600 which led crypto enthusiasts to call it a crypto winter. In a similar context, CEO of Civic key, Vinny Lingham indicates the further decline in the price of Bitcoin will make it ‘Crypto Nuclear Winter’.
BTC Continues to Decline – Will it really Enter into Crypto Nuclear?
Concerning the price of Bitcoin with regards to US dollar, a Texan trader, called ‘MAGIC’ wrote about Bitcoin’s possible move. The tweet states;
“We need to pay close attention right now. If BTC falls about 5% lower to about 3,300, it will be testing the ever important weekly 200 MA, which is what we bottomed on in January, and what forced the last bear market to bottom. If we close below that, things will get nasty.”
Quoting this tweet, Civic CEO, Vinny Lingham who is also a general partner at digital currency fund Multicoin capital, responded that;
If we break below $3000 for Bitcoin, “crypto winter” will become “crypto nuclear winter”… https://t.co/sS83cl6Em1
— Vinny Lingham (@VinnyLingham) January 28, 2019
Very quickly, the conversation got the attention of crypto enthusiasts – following which, Vinny also discusses the Bitcoin Bottom. Interestingly, he says, ‘Bitcoin bear market ends when market indicates that there is no bottom.
“Historically, Bitcoin bear markets don’t end when the market indicates that there is a bottom. They typically end when the market indicates that there is no bottom…”
Additionally, a source recently reported Vinny’s conversation who speaks about the Bitcoin bubble and the price of Bitcoin in the year 2017. As per the reports, Mr. Lingham believes ‘Bitcoin adoption is that one thing Bitcoin needs to bounce back’. While recalling the hype of $2000 in late 2017, Vinny denotes the adoption of crypto would lead for another bubble.
“The reality is that crypto needs real adoption and use cases … and until we have that we’re not going to have another bubble. “The speculative mania is over. People want real numbers and usage and transaction volumes.
At press time, the price of Bitcoin fell below $3500 with a negative mark of 0.22 percent over the last 24hrs.
Do you agree with Vinny’s opinion? What do you think the next move of Bitcoin? share your views with us.