Home / Crypto Currency / Bitcoin Price Watch: Currency Continues to Stay Put

Bitcoin Price Watch: Currency Continues to Stay Put

Bitcoin is not going anywhere anytime soon. After 72 hours, the currency is staying put at $6,500, and support remains strong at the present level.

One source explains that the currency is “flirting” with a long-term support line, and that more exposed weaknesses could lead to a disastrous bear market that would take a very long time to end. Overall, the currency exhibited very low volume and low volatility trading over the weekend, and is now sitting “right above the long-term trendline support.”

Granted bitcoin did fall dramatically in the coming days, it would naturally take every other major form of cryptocurrency with it, and we’d be witnessing a crypto bloodbath.

BTCUSD: BTCUSD demandzone

Bitcoin’s price isn’t cause for celebration, though Phillip Nunn finds himself genuinely excited about where the currency sits, as it can now jump all the way to $60,000. As CEO of the Blackmore Group and Wealth Chain Group, Nunn expressed his belief back in January that bitcoin would first strike the $6,000 range during the mid-year point, and then move its way up to $60,000 by the end of 2018.

So far, the first part of his prediction has come true – something he joked about in an interview with Business Cloud, and the mogul remains adamant that $60,000 will be the year-end price for bitcoin.

“Well, we’re certainly about to see $6,000, aren’t we?” he asked. “That’s probably a few hours away. The prediction was based on market volatility, which we’re experiencing right now. I think that’s apparent. I stand by my prediction.”

Nunn continued by adding, “What you’ve got to remember is that the sharpest comparison to crypto in recent years is the Dotcom, but crypto is a whole industry in reverse because the initial investment into it is from the crowd. All the money that exists in crypto 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.”

Nunn is in high demand for his work as a public speaker. He currently travels the world talking with banks, hedge funds and other financial industries to teach them about blockchain technology, which he believes will disrupt virtually every industry.

“The reality is we’re moving from an internet of information to an internet of value,” he explains. “It’s going to disrupt everything, from money, to record-keeping, to legal. We are moving to a much safer and decentralized way of working.”

The speaker and finance expert is also claiming that many of the smaller altcoins and cryptocurrencies will ultimately disappear from the scene, while major entities like bitcoin, Ethereum, Litecoin and Ripple will stick around and completely dominate the market.

“They’re the fabric of the industry,” he states. “These guys are going to stay, and the other 1,600 or 1,700 tokens that exist out there are basically an alternative to venture capital money. In the VC world, you invest in 10. Eight will fail, and the two will be a Google or an Uber or an eBay.”

Charts by TradingView

Read more

Check Also

What is the COINiD Cold Storage Solution?

Cryptocurrency users all over the world are always looking for ways to keep their funds safe and secure. That is a pretty big challenge, especially when buying a hardware wallet is not an option. COINiD, a new software-based cold storage solution, may offer a viable alternative in this department moving forward. The COINiD Concept Explained For those who are unfamiliar with COINiD, it is a software solution providing cryptocurrency cold storage solutions to Android and iOS users. This wallet solution is completely open sourced first and foremost, which means anyone can review the code to determine whether or not this solution is worth exploring. How Does it Work? What most people are interested in is how the COINiD solution works and what it has to offer. It is designed to support cryptocurrencies, with support for Bitcoin available at this time. Other currencies may be added moving forward, as the site makes mention of Litecoin, Ethereum, Monero, Dash, and a few others. The functionality provided by COINiD includes full control over private keys, offline address validation, SegWit support, biometric authentication, and so forth. The biometric authentication supports fingerprint scanning on Android and FaceID scans for iOS devices. There is still more functionality waiting to be added moving forward, although the current set of features is rather compelling as well. The COINiD solution exists of two different applications to provide additional security. The COINiD Vault stores private key information in a completely offline manner and signs transactions. The COINiD Wallet is a regular wallet solution to spend and receive funds. It also communicates with COINiD Vault for transaction signing. As such, users can benefit from additional security and give one of their old Android or iOS devices a second lease on life. Is it a Viable Solution? For those cryptocurrency users who do not feel comfortable using anything other than mobile devices to keep their holdings safe, this option is worth exploring. Most people rely on hardware wallets, as they are more secure in general. However, the COINiD concept certainly has plenty of merit, assuming one has a spare device to “sacrifice” for this specific purpose. Having multiple options to store cryptocurrency is never a bad idea, though. The post What is the COINiD Cold Storage Solution? appeared first on NullTX.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.