The first half of 2018 hasn't been favorable for cryptocurrencies. Bitcoin has lost over half of its highest value just within a brief period. At the beginning of the year, many experts predicted that Bitcoin will triple it's all-time high this year. Six months later with Bitcoin struggling to stay in the $6,000 level, some experts still believe it will sell as high as $60,000 by the end of the year.
Can Bitcoin Sell As High As $60,000?
Phillip Nunn, a renowned ICO and cryptocurrency expert, predicted that Bitcoin will fall as low as $6,000 and rise as high as $60,000. This prediction was initially made in January. Six months later, Nunn reassured the cryptoverse of his conviction that Bitcoin will sell as high as $60,000 this year.
The first half of the prediction was fulfilled in February when Bitcoin fell below $6,000. Many people doubt if Bitcoin will ever sell as high as $20,000 again talk less of $60,000.
Despite the negative vibe in the market, Nunn insists that Bitcoin will be driven by the blockchain to a whole new level. During an interview with Business Could, he said:
“The truth is that we are moving from depending on the internet of information to depending on the internet of value. Everything will be disrupted from record-keeping, financial issues, to legal issues. This is why I will continue to stand by my prediction.”
Nunn is convinced that his high volume prediction is possible due to the high volatility of the market.
Nunn continued:
“My prediction was based on market volatility which is currently in the air. It is apparent."
Will His Prediction Come True?
The cryptocurrency industry is still new and small when compared to other industries. This is an advantage and a disadvantage as the small market capital of the industry makes price manipulation relatively easy. On the other hand, things like security, and regulations may pose a challenge to the industry.
So, anything can happen. Everyone will just have to wait and see if the prediction will come true.
Posted from my blog with SteemPress : https://smartereum.com/19440/bitcoin-price-predictions-despite-the-current-situation-in-the-market-experts-insist-that-the-price-of-bitcoin-will-get-to-60000-before-the-end-of-2018/