A cryptocurrency expert and an ICO advisor reported media that he stands strong to his prediction of Bitcoin at $60,000. Philip Nunn, who is the CEO of The Blackmore Group and Wealth Chain Group believes that Bitcoin will reach $60,000 this year, he also predicted that it will go to the lows of $6,000 this year.
The second half of the price prediction became true in the first week of February when the price of Bitcoin fell below $6,000
Price of Bitcoin has seen a downward trend and seems to be slumping more Image Source: CoinMarketCap
Bitcoin’s market still hasn’t matured, the market cap of the asset has still not yet reached close to some of the prominent stock exchanges like NASDAQ, Singapore, Hong Kong, Shanghai Stock Exchange and others.
The adoption of Bitcoin and other cryptocurrencies in the mainstream business is also yet to be seen in a proper scale, while the technology has a lot to offer and can provide wide scale solutions to many businesses, the technology has already shown the signs of disrupting the fintech industry, supply chain industry, shipping industry and many more to count upon.
Even after providing such scalable solutions to problems in various industries the truth is, the community that runs the show is a very small one, this implies that anyone with a centralized form of authority or power would have the chance to spread FUD (Fear Uncertainty and Doubt) in the general public, message that revolves around the community where some news which is legit and some which are not, play a role in the pump and the dump of the currency, which gives reason to the asset to be of a speculative nature.
Recently the hack of Coinrail, a South-Korean exchange which lost $40 Million worth of Alt-coins.
‘Coinrail took its service offline and it said in a statement that it has moved the remainder of its assets which it said is 70 percent of its total holdings to cold storage while it reviews its security system and fully investigates the incident.’
The price of Bitcoin on 10th June, before the news of Coinrail hack Image Source: CoinMarketCap
Such incidents spread fear among the investors where they fear losing their investments through such incidents, following the hack there was a drop from $7,608 on Sunday 10th June to $6493.33 which is almost 17% of fall in the price of Bitcoin, while the correlation between Bitcoin and Altcoins may or may not be present but if you see the charts on CoinMarketCap, you would see mostly a similar trend for the altcoins too. Here.
This was the news after the Coinrail hack was out in the public, you can see the slump in the price of Bitcoin Image Source:CoinMarketCap
The significance of this is that the prices of the currencies are fundamentally depended on the players that trade with this asset and how they react to different news that affect the market conditions.
When the adoption of the cryptocurrencies would raise, the market can be assumed to be less volatile as compared to the current situation, remember last year when events similar to this has kept the prices of Bitcoin fluctuating.
Till now for the forecast of Philip Nunn about the slump of the price of Bitcoin held true, now people would be eager to see whether the $60,000 target is achievable or not.
What do you think will Bitcoin reach the $60,000 cap? Let us know if you have any other viewpoint
Image Source for featured image: cdn.arstechnica.net
Disclaimer: The opinions presented here are of the Authors’. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. CoinScenario.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.