Despite the ongoing volatility in the cryptocurrency market, analyst Phillip Nunn stands by his Bitcoin price prediction of $60,000 by the end of 2018.
It’s no secret that the value of Bitcoin has dropped dramatically from its all-time high back in mid-December 2017. Once hitting almost $20,000, the number one cryptocurrency has dropped to $6,549. Yet analyst Phillip Nunn is standing firm on his Bitcoin price prediction of $60,000.
The price of Bitcoin and other cryptocurrencies has been on a rollercoaster ride this year, albeit mostly downwards. The expected bull run has failed to materialize so far, disheartening investors and hodlers alike.
However, Phillip Nunn, the CEO of The Blackmore Group and Wealth Chain Group, is still optimistic. He told BusinessCloud earlier this year that Bitcoin would hit both $6,000 and $60,000 this year.
At a recent event, he discussed Bitcoin getting closer to $6,000, telling BusinessCloud:
Well we’re certainly about to see the $6,000 aren’t we? That’s probably a few hours away.
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.
What you’ve got to remember is that the sharpest comparison to crypto in recent years is the Dotcom but actually crypto is a whole industry in reverse because the initial investment into it is from the crowd.
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.
Bitcoin Price Optimism
Phillip Nunn, despite the recent downward spiral, remains confident in his Bitcoin price prediction. However, he does understand that there are significant hurdles in the way. He notes that a lot of institutional investors want to get into the market (and get a piece of the financial pie), but they don’t have an entry point as yet.
There’s no entry point at the moment. If you’re a pension fund with £5 billion in your pot and you want to take a 5 per cent position in crypto you’re going to really piss your investors off because of the volatility in the market.
The vehicles that exist in crypto at the moment aren’t suitable; you can’t be a hedge fund and get an investment like this signed off at board level.
However, things may be changing in regards to institutional investors. Coinbase recently launched several new services for financial heavy hitters, and it’s likely that other exchanges will follow suit. Then there’s the fact that giants like Goldman Sachs are launching trade desks of their own, and a number of analysts believe that a Bitcoin ETF will soon be approved.
From the look of things, it does appear that the acceptance of Bitcoin is growing. Whether that translates into the cryptocurrency reaching $60,000 remains to be seen.
Do you agree with Phillip Nunn’s $60,000 Bitcoin price prediction? Let us know in the comments below.
Images courtesy of Shutterstock and The Blackmore Group.