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Crypto currency and initial coin offering (ICO) expert Phillip Nunn made a prediction in January that Bitcoin would reach lows of $6,000 and highs of $60,000. Nunn recently reiterated his confidence in the prediction after the price of Bitcoin plummeted almost 18 percent last week.
‘IT’S GOING TO DISRUPT EVERYTHING’
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.
The first half of Nunn’s prediction came true in the first week of February when the price of Bitcoin briefly fell below $6000. Now, many are becoming skeptical that Bitcoin will be able to return to its $20,000 all-time high in 2018, let alone come anywhere close to $60,000
Nunn remains confident, however, citing his unwavering belief in the underlying blockchain technology as the vehicle that will take Bitcoin and others to new highs in the coming years. He told Business Could
The cryptocurrency market is still relatively young and quite small compared to traditional markets, and cryptocurrency’s small market cap makes it easier to manipulate. However, constant waves of news concerning regulation, technology, and security make the cryptocurrency market truly unique. Nunn continues
As the cryptocurrency market matures, however, expect an influx of institutional investment and new infrastructure to slowly mitigate market manipulation and (potentially) push prices higher.