Will Bitcoin reach US $ 60,000 in 2018? Expert Phillip Nunn, CEO of a hedge fund, says yes
At the beginning of the year, Phillip Nunn, a well-known expert in cryptocurrencies and initial offers of currencies, launched a prediction about the price of Bitcoin where he said that it would reach the lower limit of US $ 6,000, and then go back, until it surpassed by almost three times the historical maximum obtained in December 2017. According to Nunn, for this 2018 the Bitcoin sky will be located at US $ 60,000.
Recently, the crypto guru has once again expressed that he remains in his opinion, and insists that the value of Bitcoin will rise again very soon. Last week the currency lost almost 18 percent of its price and at this time, according to the data provided by CoinMarketCap, it is quoted around US $ 6,820.
In January, when the price of Bitcoin was close to US $ 14,000, Nunn, who is CEO of The Blackmore Group and Wealth Chain Group, ventured to forecast one of the things that all crypt investors would like to know: the minimum price and the maximum that Bitcoin would register during this year.
At that time, the number for the lower limit of the band, according to Nunn's prediction, was US $ 6,000, and, indeed, in the first week of February, for a short period of time, Bitcoin was marketed for less than that.
The other part of the prediction, according to which the best known cryptocurrency will rise to reach a maximum of US $ 60,000, is what makes the eyes of bulls and all Bitcoin enthusiasts shine with the dollar sign. Although many analysts do not believe that Bitcoin returns to the already legendary figure of US $ 20,000, without mentioning levels above it, Nunn remains firm in what has been said.
Both Phillip Nunn and most other crypt experts and experts believe that the most important factor influencing high percentage predictions, in either direction, is the extremely high volatility characteristic of the cryptocurrency market.
Nunn explains: "The prediction was based, first, on the volatility of the market that we are experiencing at this moment; I think that is really obvious. I absolutely agree with my prediction. "
Compared to traditional markets, the cryptocurrency market can not boast of its long history or impressive sizes. The regular arrival of new news on regulation, technology and security have a great influence on the market situation, which makes it a completely special and special space.
"All the money that exists in crypto at this moment is from the public, so it's about market sentiment. An avalanche of bad news can shake the market, things like regulation. The industry is so small that there is market manipulation, "says Nunn.
The expert shows strong confidence in the future of cryptocurrencies and blockchain technology, which has enormous potential to be implemented in industries around the world. "The reality is that we are moving from an information Internet to an Internet of value. This is going to change everything; maintenance of records, money, legal aspects, "he says.
Nunn is not alone in his optimistic predictions about Bitcoin. Being more conservative, the co-founder and managing partner of Fundstrat Global Advisors, Tom Lee, believes that in this year the cryptocurrency queen will come to quote up to US $ 25,000, but forecasts a price of US $ 91,000 by 2020.
Ronnie Moas, another independent research analyst, and founder of Standpoint Research, almost coincides with Lee, since, according to his estimates, Bitcoin will reach US $ 100,000 in a couple of years.