Phillip Nunn is an ICO and cryptocurrency expert, and has one of the most optimistic Bitcoin price prediction for 2018. In January 2018, Nunn predicted that Bitcoin would reach highs of $60,000 and lows of $6,000. In the second week of June 2018, Bitcoin price plummeted 18% to stand at $6,590.
At the time of making the prediction, the CEO of the Wealth Chain Group and The Blackmore Group, the price of Bitcoin had plummeted from a high of $20,000 in mid-December 2017, and was sitting at a little over $10,000. In the first week of February, Bitcoin prices dipped to slightly below $6,000. However, other experts in the cryptocurrency field are not confident that the price will ever return to $20,000 leave alone reach $60,000.
Confidence in Blockchain Technology
According to Nunn, his confidence is based on the growing interest the world is taking in blockchain technology saying that it will catapult the prices of bitcoin and other cryptocurrencies to new highs in the future. The cryptocurrency market is in itself very volatile and according to bitcoinist, the cryptocurrency is still very young. Its small market capitalization makes it easy to manipulate and the uncertainty over crypto regulation, security, and technology, is making the market unique compared to what the world has ever known.
Nunn notes that all the money in the currently in the crypto market is public owned and this makes it sentiment dependent. Any wave of bad news will wobble the market, while any good news is taken with a pinch of salt. However, as the market matures, we can expect more institutional investors as well as new infrastructure that will remove any form of market manipulation, and set the pace for growth and higher prices in the sector.
Looming Bearish Market
On April 1, 2018, bitcoin was trading at $6,425, the lowest price recorded for the second quarter in 2018, and other experts are optimistic that it will hold on and record higher prices. Should the price fall below $6,480, which is the set flag support after the rally from $6,109, there could be a return to a bear market.
The cryptocurrency market led by Bitcoin is disrupting how the financial market operates and it has more critics than fans. This has led to publication of fake news against the growing sector and it has inhibited crypto take up and the reign of the bearish market. Statistics show that there at least 54% of internet browsers have encountered fake news at some point and cryptocurrency enthusiasts are no exception. This coupled with growing security issues, fake ICOs, among others, have stalled the growth of the cryptocurrency sector.
Experts such as Nunn are the voice in the wilderness trying to change the mentality of the people and encouraging the uptake of bitcoin and alt coins. With six months to go and a bear market looming, many people do not see the price of Bitcoin growing to Nunn’s predicted $60,000. However, a growing number of cryptocurrency community members that are optimistic that the Bitcoin market is headed for a bullish trend.