Vinny Lingham, the Civic CEO, has said that if BTC/USD breaks below the $3,000 support line, then we could be facing a crypto nuclear winter.
Currently, BTC/USD’s price is relatively stable around $3,600. The last time it was this stable in a tight price range it led to a 50% plummet in BTC/USD’s value.
Regarding the current state of the BTC/USD market, a Texan trader, who goes by the name “MAGIC” tweeted the following:
“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.”
Vinny Lingham, a general partner at crypto fund Multicoin Capital and the CEO at Civic, replied to this tweet by saying:
“If we break below $3000 for Bitcoin, “crypto winter” will become “crypto nuclear winter”...”
Currently, Bitcoin has been relatively stable around the $3,600 range. The last time BTC/USD was this stable in such a tight price range, it led to a 50% decrease in value. Former IMF economist, Mark Dow relayed this sentiment by saying:
“Bitcoin has been dead quiet for several weeks around about $3,600. Last time bitcoin was quiet like this was when it was up at $6,500, it ended disastrously. Based on the pattern. odds are we get a similarly sharp drop again soon–may even have started tonight.”
Source: FXStreet Team FXStreet