In January, Phillip Nunn who is a well-known cryptocurrency and initial coin offering expert predicted that Bitcoin price would decline to $6,000 and then would reach a new mark of $60,000 in 2018.
Recently, the crypto guru has once again expressed his confidence in this prediction and insisted that Bitcoin price is to skyrocket quite soon though last week Bitcoin lost almost 18 percent of itsvalue and at the press time Bitcoin is traded for $6,496.33 as it is informed by CoinMarketCap.
Already in the very beginning of the year when Bitcoin price was approximately $14,000, Phillip Nunn, the CEO of The Blackmore Group and Wealth Chain Group, made a prediction that it would slide below $6,000 for a short time. And this prediction came true as in the first week of February for a short period of time Bitcoin was being traded for less than $6000.
Nevertheless, we shouldn’t forget that the prediction has its second half according to which this year we will see how Bitcoin will reach a high of $60,000. Though a lot of experts do not believe that Bitcoin will return to its historical high of $20,000, without speaking about higher marks, Nunn remains true to his forecasts.
Phillip Nunn as well as the majority of other crypto analysts and experts believes that the most important factor that has its influence on high percentage predictions in either direction is the cryptocurrency market’s extremely high volatility.
Nunn clarified: “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”.
Compared to traditional markets, the cryptocurrency market can’t boast its long history or impressive sizes. Regular waves of fresh news about regulation, technology, and security has strong influence on the situation on the market which makes the crypto market really special and unique.
“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”, Nunn emphasized.
Nunn strongly believes in the future of cryptocurrencies and blockchain technology that has a potential to be implemented in all the industries all around the world. “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,” explained he.
Nevertheless, Nunn’s point of view is not the only one possible. Another Bitcoin expert, co-founder and managing partner of Fundstrat Global Advisors Tom Lee believes that in 2018 Bitcoin price will reach $25,000 and in 2020 it will be traded for $91,000.
At the same time, according to an independent research analyst and the founder of Standpoint Research Ronnie Moas it will take a couple of years for Bitcoin to hit $100,000.