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Vinny Lingham Predicts Bitcoin (BTC) Price Testing $3,000, No Real Crypto Market Momentum Yet

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Civic cryptocurrency CEO, Vinny Lingham, has predicted the value of Bitcoin (BTC) to drop below the $3.000 USD mark before facing a bullish momentum.

The serial entrepreneur and a shark in South Africa’s Shark Tank also explained his decision to transfer the funds raised through crypto to cash.

The $3,000 Mark Is Key For BTC

The last 48 hours has seen a drop in the price across the cryptocurrency industry as most coins lost over 15% of their value. Bitcoin, mostly the catalyst to the falling prices, currently trades at $3,665.23 across major exchanges, representing a 10% drop in price in the past 24 hours. The drop will however not stop here according to Vinny who expects a further drop in price towards the $3,000 region in the coming months.

Speaking to Cheddar vlog, Lingham said,

“I think there is a good chance we’re going to retest $3,000 as a low. There is a good chance we’ll probably break through that if it heads that low.”

The prices in the market have remained relatively stable at $3,000 to $4,500 in the past few months leading to skepticism about the future of Bitcoin. Vinny further commented on this saying that the sideways movements of price are likely to continue in the coming months as investors wait for an upward trend.

Sideways trading in early 2017 was followed by a strong bear momentum hence the question if the current level of price would be bad or good for the digital asset.

In a witted response, Vinny Lingam explained that bitcoin has had several bullish and bearish trend during its decade long history. More investors get on board when the prices are starting to rise which will cause an uptick in price. However, the current level trading we are experiencing may do more harm than good to BTC’S price. He said,

”Sideways trade doesn’t really help us because at this point in time we have more sellers than buyers – people trying to get out from ICOs etc. and that’s a problem. There’s no real momentum into the crypto market right now.”

The Cash Motive For CivicKey Project

The touch on ICO’s was expanded by the journalist who asked Vinny why he chose to transform CivicKey’s ICO funds to cash instead of keeping them in crypto.

The current bear momentum has seen many projects lose the funds they raised as they kept their funds in cryptocurrencies. Lingham policy on cashing out his ICO funds in 2017 was bashed by certain sectors of the crypto community but it is reaping benefits today.

“I think more companies in the space have to tighten their belts and make sure that they have enough run way to get their product to market.” – Vinny Lingham, 2019

However, the CivicKey founder cautioned projects including CivicKey against sitting on the idle cash but to use it to develop its systems.

Furthermore, he urged the efficient use and management of company resources and expenses to avoid the companies going down.

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Bitcoin Correction to $9,500 Could Be Followed by 20% Drop: Analyst

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Bitcoin (BTC) has been absolutely slammed over the past week. Since passing above $13,000 for the second time this year last Wednesday, the crypto has been on a clearly downward-sloping trend.

In fact, as of the time of writing this article, Bitcoin has lost 25% in the past week, falling to as low as $9,300.

Despite the fact that optimists are expecting for bulls to experience some form of short-term reprieve, historical trends and other key indicators predict a further unwinding of the cryptocurrency bull market.

Bitcoin Poised to Hit $7,500

Conceptualized by Trace Mayer, an early Bitcoin investor and funder of Kraken, the Mayer Multiple is a way of determining if BTC is either overbought, fairly valued, or oversold. It is calculated by putting the asset’s current price over its 200-day moving average.

Per an analysis of this indicator (currently sits at 1.6) by CryptoKea, a little-known analyst that accurately called the recent drop to at least $9,700 earlier this month, if you consider the Multiple, the ongoing correction looks much like the first “major correction” of 2017’s bull run.

He notes that if history repeats itself and Bitcoin reverses out of its current short-term bearish trend like it did in 2012 and 2017, it could find support anywhere from $7,148 to $8,700. This corresponds to 1.20 times to 1.46 times of the 200-day moving average, which currently sits at $5,957.

Most likely, however, Kea notes that the “most probable target” as per the use of the Mayer Multiple will be $7,505 — another 20% drop from the current Bitcoin price of $9,600.

This somewhat lines up with the target of $8,000 that other analysts hold. Per previous reports from NewsBTC, Timothy Peterson, a prominent American crypto fund manager, notes that Bitcoin’s current active account figure suggests that BTC is overvalued.

According to Peterson’s model, which takes a 30-day median (as of July 13th) of the number of active accounts on the Bitcoin blockchain, BTC currently has a fair valuation of just above $8,000.

In a tweet issued on Saturday, Josh Rager, a prominent technical analyst and cryptocurrency commentator, looked to this same level. View image on Twitter

Rager notes that a “confluence” of chart data and on-chain data suggests that a pullback “would likely bottom out at $8,000”. As he explained in the chart above, $8,000 acted as a key horizontal support and resistance level in the recent rally and 2018’s crash.

What’s more, there is also a CME Bitcoin futures gap around $8,500, which is one of the last gaps waiting to be filled.

And as Alfonso Esparza, senior market analyst at Oanda Corp, recently told Bloomberg: “[Bitcoin] continues to trade lower as comments from President Trump put downward pressure on the cryptocurrency. It could fall further to $8,000, giving back all the gains made in June.”

Drop Might be Over?

Despite this, one analyst believes that the drop is most likely over. In fact, he drew attention to almost five signs why this may very well be the case, even if it sounds crazy.

Firstly, the one-day Relative Strength Index (RSI) and the Stochastic iteration of this indicator are at their lowest levels since at least February, entering the “oversold” range. The one-day Moving Average Convergence Divergence (MACD) has tapped the zero level, despite the fact that Bitcoin is in a raging bull market according to most analysis.

Also, the Elder’s Forse Index, an indicator meant to exhibit the strength of moves, is at its lowest since November 2018; and historical volatility is almost at 100%, implying a move to the upside to return volatility to levels deemed normal.

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Bitcoin Network Is Moving $3 Billion Daily, Up 210% Since April

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Bitcoin’s average transaction volume is topping $3 billion per day, data from crypto analytics site Coinmetrics.io reveals as of July 16.

Bitcoin’s Uptrend in Daily Transaction Value Eclipsing Altcoins’

The data — which has been adjusted to remove noise and certain artifacts, per Coinmetrics — shows an impressive uptrend in the USD value for the volume of the coin’s transactions and transfers over the past 90 days.

On April 17, the average daily value was at $1.04 billion as compared with $3.22 billion on July 16, an almost 210% increase.

The top coin has seen a significantly higher spike in volume as compared with ether (ETH), which saw a 77% increase over the same time period — from a daily average of $370 million to $657 million. XRP has seen a still milder uptrend, at 61% — with the value of daily transactions climbing from $152.5 million in mid-April to $245.6 in mid-July.

Chart

3-month chart for BTC  transactions, transfers, value, adjusted, in USD. Source: Coinmetrics.io

(Non-) Correlations

Bitcoin broke the $3 billion daily average mark on July 11, Coinmetrics’ data shows, when the coin was circling the $11,500 price point. Despite trading roughly $2,000 lower as of today — having taken a steep 11.4% hit on the day and over 24% on the week — average daily transaction value has continued to climb.

Commentators have today argued that the coin’s short-term downtrend was triggered by an antagonistic response from the United States government to Facebook’s Libra coin, which has extended to the cryptocurrency space more broadly.

Veteran trader Peter Brandt anticipates that total market cap could now correct by as much as 80% — yet argues that most of the damage will be shouldered by altcoins, not Bitcoin.

On July 7, Cointelegraph reported that Bitcoin’s hash rate had hit a new all-time high of 65.87 EH/s. Nevertheless, despite the week’s price fluctuations, this figure has continued to soar north, reaching almost 73 EH/s to press time.

source:.fxstreet.

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Bitcoin (BTC/USD) forecast and analysis on July 17, 2019

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Cryptocurrency Bitcoin (BTC/USD) is trading at 10835. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Bitcoin. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator.

Bitcoin (BTC/USD) forecast and analysis on July 17, 2019

As part of the Bitcoin exchange rate forecast, the test is expected to be at the level of 11250. Where should we expect an attempt to continue the fall of BTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 9450. The conservative area for selling Bitcoin is located near the upper border of the Bollinger Bands indicator at the level of 11950.

Bitcoin (BTC/USD) forecast and analysis on July 17, 2019

Cancellation of the option to continue the decline in Bitcoin will be the breakdown of the area of ​​the upper border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing of quotations of the pair above the area of ​​12100. This will indicate a change in the current trend in favor of the bullish for BTC/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.

Bitcoin (BTC/USD) forecast and analysis on July 17, 2019 implies a test level of 11250. Further, it is expected to continue falling to the area below the level of 9450. The conservative area for selling Bitcoin is located area of ​​11950. Canceling the option of falling cryptocurrency will be a breakdown of the level of 12100. In this case, we can expect continuation growth.

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