According to Philip Nunn, bitcoin will still reach $60,000 by the end of 2018. The CEO of Blackmore Group and Wealth Chain Group has remained bullish on his January prediction regarding bitcoin’s price. This is after the coin’s price plummeted almost 18% in the last 7 days.
Nunn stated this to BusinessCloud at KPMG’s Tech-Manchester event on Thursday. Additionally, he added that he still believes in his prediction made on January this year. At the beginning of this year, Nunn made a price prediction that Bitcoin (BTC) would hit both $6,000 and $60,000 at some point in 2018.
Moreover, Nunn went on to compare the cryptocurrency space to the dotcom bubble. He highlighted that the crypto market was essentially the reserve of the earlier crash since the money currently in Bitcoin and other digital coins was from the crowd. As such, it explains the extreme volatility experienced in the industry.
Explaining why he still believes on his January prediction regarding bitcoin’s price, Nunn stated that the market is still young and quite small. As such, it is easy to manipulate. However, constant waves of news regarding regulations, security, and technology make the virtual currency truly unique.
In the past week, the coin’s price started an upside correction after dropping to $6,130 against the USD. The price moved above the $6,200 and $6,400 resistance levels. Additionally, there was a break above the 23.6% Fib retracement level of the previous downside move. Nonetheless, the coin’s price faced a lot of sellers around the $6,700 level.
Currently, the price actions suggest a consolidation above the $6,400 level. If the price manages to break above these level, it may open doors for an upside break towards $7,000. As the market matures, there is increased adoption which may lead to price increases.
With less than 6 months left to the end of 2018, do you believe Nunn’s prediction will come true?
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