The year of 2018 hadn’t been favorable for cryptocurrencies. Bitcoin had 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 in 2018 but six months later with Bitcoin struggling to stay in the $4,000 level, some experts still believe it will sell as high as $60,000.
Bitcoin (BTC) Price Today
Price $10,079.56 -3.08%
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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. 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.
“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.
Let’s glance to another expert’s prediction.
Joel Kruger, currency strategist at LMAX Exchange
“Our 2019 outlook for Bitcoin is far more constructive than what we had been projecting for 2018. As 2017 came to a close, we had warned Bitcoin had rocketed ‘past the point of rational appreciation’ and highlighted massive downside risk in a bubbling market with far too many holes (regulation, development, hard forks).
“As we head into 2019, Bitcoin has retraced that move and then some, with a recent breakdown below the $6,000 area, opening this next downside extension that targets a bigger drop towards the September 2017 low at $2,975.
“While we wouldn’t rule out a downside extension that takes Bitcoin through $2,000, we don’t believe the price will spend too much time below this barrier and will start to find renewed demand ahead of an eventual push back to the topside.
“As much as the crypto market would like to make the argument for Bitcoin as a store of value asset, at this stage in the game, Bitcoin is not yet mature enough in its ten year life to be taking on such a role as a harbour for flight to safety. Ultimately, we believe risk markets are still quite exposed to the reality of exhausted monetary policy accommodation, and investor profit taking in elevated equities, will likely lead to a flight to safety bid that has a lot of that speculative money in Bitcoin, heading for safer horizons into traditional risk off plays.
“But we also believe there is tremendous potential that comes with decentralized, digital, peer to peer currency, and as we begin to see the possibilities more clearly, Bitcoin will regain its footing and get back to trading to the topside.
“This leaves us with an outlook for Bitcoin in 2019 that could see a continuation of weakness in the first half of the year, before the market finally stabilizes and starts to make its way back up in anticipation of what should be an impressive second wave for cryptoassets.
“We’ll look for Bitcoin to round out 2019 trading back in the $5,000 to $8,000 region, after recovering from lows that may have extended below $2000 between now and the end of H1 2019.”