Cryptocurrency and Initial Coin Offering (ICO) Entrepreneur Phillip Nunn has reiterated his $60,000 Bitcoin Forecast. He believes that Blockchain technology will take Bitcoin and other altcoins to the new highs in the next years.
18 June, AtoZ Markets – In the course of the last 12 months, we’ve seen numerous cryptocurrency forecasts. While many of them are quite positive, others can be not that bright. One of the crypto markets Entrepreneur, Phillip Nunn has made a prediction earlier this January that Bitcoin would hit lows of $6000 and highs of $60,000. Mr. Nunn has recently reiterated his confidence in the prediction. This has followed the price of Bitcoin dropping almost 18 percent last week.
Crypto Entrepreneur Phillip Nunn Reiterates His $60,000 Bitcoin Forecast
The CEO of the Blackmore Group and Wealth Chair Group has expressed his interest in the cryptocurrency market. In January this year, he has made a prediction that the price of Bitcoin, the pioneer cryptocurrency, would reach a low of $6000 and then a high of $60,000. That time, the price of Bitcoin has dropped significantly from its highs of $20,000 of December 2017.
It appears that the first part of Nunn’s forecast has already become a reality. In the first week of February, the price of Bitcoin has dropped below $6000. At the moment, not many believe that Bitcoin can reach $60,000.
Nevertheless, Nunn is still sticking to his forecast. He has cited his belief in the Blockchain technology as means that will take Bitcoin and other altcoins to the new highs in the next years. He has been quoted as saying:
“The reality is we’re moving from an internet of information to an internet of value. It’s going to disrupt everything; money, record-keeping, legal.”
Long Term Crypto Marker Forecast
According to market experts, the biggest factor in the high percentage forecasts is the high market volatility. Mr. Nunn has explained:
“The prediction was based on, first of all, market volatility which we’re experiencing at the moment; I think that’s really apparent. I absolutely stand by my prediction.”
The crypto market is still quite undeveloped in comparison to the traditional markets. The small market cap makes it easier to manipulate the prices of cryptocurrencies. Yet, thanks to the constant flow of the cryptocurrency news in relation to the technology, security, and regulation, this market is unique.
Mr. Nunn has further added:
“All the money that exists in crypto at the moment is from the public, so it’s all about market sentiment. A flood of bad news can wobble the market, stuff like regulation. The industry is so small that there’s market manipulation.”
When the crypto market will eventually mature, experts anticipate an inflow of institutional investment, which could potentially push prices higher.
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