The media has not been able to accurately predict bitcoin price movements according to John McAfee. The billionaire believes that he is the only one with accurate predictions.
Bitcoin (BTC) Price Today – BTC / USD
McAfee took to Twitter to give his thoughts this week. It has been a few weeks since he predicted crypto prices.
IBM’s vice president of Blockchain and Digital Currencies, Jesse Lund, recently predicted a long term price target for BTC. This $1 million price target is based on the belief that when a crypto asset has a higher price, it has more utility as well. This is why people should focus on the utility of bitcoin rather than the moving prices of the assets. Also, he added that if the price of BTC were higher, the liquidity will increase.
This high target may have annoyed McAfee, and prompted the tweet,
“People are waking up to the fact that Bitcoin will be $1,000 000. But when? “Someday”. “Maybe 5 years”. “WIthin a decade”. I’m the only one giving you a hard date: Dec 31st, 2020.”
“Jesus! The media yet again! “By Dec. 31. 2020”, is not an exact date. Let’s all be clear again: I predicted Bitcoin would reach $1,000,000 before the end of 2020. That is not saying it will hit that price on that date.”
His tweets came after he reaffirmed his bullish views on bitcoin. McAfee had initially stated that the price would reach “$500,000 by the end of 2020”. 2 years ago, in November, he tweeted that the digital currency had accelerated faster than he imagined and so he decided to raise his initial prediction to $1 million.
More price predictions, BTC price, moves faster
Lund made an interesting point that speculators are hurting crypto price values because they are not thinking about it in the right way.
Bitcoin price has slowly and steadily crossed the $4,000 mark. Lund remarks, as well as other positive news, can be responsible for its rapid price surge within just three days. Traders are still speculating that the price could back track around 7 percent.
The traders are cautious in their projection after the failure of the digital currency to climb beyond the $4,000 mark. This is considered the resistance level for the cryptocurrency.
Attention is focused on the institutional investors who are expected to work on their crypto positions this year. It is believed that they will draw in capitalization, the aura of officialdom, institutional expertise and infuse the cryptocurrency industry with a lot of value. Many also expect that its market cap will even surpass the previous peak of 2017.
What to expect in the coming weeks
The lack of momentum in the BTC price trend has started to affect the tokens which outperformed all the main digital assets in more than one month. In the same vein, token like VeChain, Binance Coin, Status, Ontology and Waves have begun to fall. They may see intensified downside movements, and this is expected in the next twenty-four hours and forty-eight hours and they depend on the performance of bitcoin.