Bitcoin to Trade Range-Bound for ‘Three to Six Months’

Vinny Lingham, the CEO of identity management startup Civic, said in an interview with CNBC Nov. 26 that the Bitcoin (BTC) price will remain range-bound for several months, while it could break down of the $3,000 mark.

Speaking on CNBC’s “Fast Money,” Lingham suggested that Bitcoin trading will be range-bound between $3,000 and $5,000 for at least three to six months. Lingham expressed doubts about whether the BTC price will break down of the support level at $3,000 since there is “a lot of buying in the short term around that mark.”

However, Lingham stressed that “if we do not get out of the crypto sort of bear market cycle in the next three to six months, that $3,000 level could go.”

Lingham also said that it is “a bit too risky” to buy BTC at its current point, also adding that with high risk comes high reward if the market does turn. Lingham further stated:

“I think, the risks right now outweighs the upside in the short term anyway. There will be better…