Phillip Nunn, CEO of The Blackmore Group and Wealth Chain Group, piqued the interest of the cryptocurrency and investing communities in January of this year when he made a prediction that the price of Bitcoin, in the year of 2018, would reach a bottom of $6,000 and a high of $60,000.
At the time of the prediction, the price of Bitcoin had pulled back a large percentage of its run-up to an all-time high in mid-December of almost $20,000 and was sitting at just over $10,000.
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.
Phillip Nunn was utterly bullish despite the behavior of the crypto markets during the year:
“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.”
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.
When talking about his earlier predictions failing,
“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.”
However, constant waves of news concerning regulation, technology, and security make the cryptocurrency market truly unique. Nunn continues:
“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.”
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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