Prominent crypto enthusiast and cofounder of MGT capital, John McAfee has asserted that the current stagnant situation around bitcoin is only temporal before an imminent and inevitable rise. McAfee conveyed his thoughts in a tweet statement urging people to calm down.
McAfee also pointed out the fact that bitcoin has up surged 300% since the beginning of the year. According to him, the dips and short term fluctuations in bitcoin prices are meaningless. McAfee believes the digital gold would recover and soar once again and become extremely valuable very soon.
Mcafee’s Earlier Prediction
MacAfee has been active on the crypto space for quite some time. At the beginning of the year, the 2020 US presidential hopeful published his forecast that crypto may reach $1 million by the end of 2020.
In the published tweet dating February 22nd, MacAfee was even optimistic enough to mention December 31st 2020 as the target date when bitcoin will have reached his price target of $1million. He also went ahead and attached a link to an interview of IBM’s Global head of Blockchain for Financial Services Jesse Lund who asserted that bitcoin may indeed reach a million dollars someday in the future.
His prediction came at a time when crypto was still struggling to come out of a bearish run. Prices were still below $4,000. The same month, bitcoin registered the first ever positive month before prices began rising at a rapid rate. This boosted MacAfee’s confidence in his earlier prediction.
It’s not the first time bitcoin is being predicted to hit $1 million by 2020.
Can Bitcoin Keep Rising?
Currently, according to the most capitalized crypto exchange rate, bitcoin price is staggering at $10,000. Although others are reporting figures below the mark. Bitcoin trades at relatively the same price as per data from CoinMarketCap. All other top 10 assets are trading in the red zone.
In the meantime, analysis by arcane crypto specialist have come to a conclusion that the current bitcoin dominance level exceeds 90%. While CoinMarket reports the same to be at 68.8%, liquidity adjustments are to blame for the difference in results.
Positive News In Support
The cryptocurrency community have noted the correlation between mining and asset price behavior. Crypto enthusiasts also noted that bitcoin exchange rate was moving in a triangle. By the time of completion of the figure, an upsurge in growth will begin, probably at the end of September 2019.
It is during this period that Bakkt cryptocurrency plans to launch its bitcoin futures contract. It is also alleged that at the same time, the SEC will decide the fate of bitcoin ETF. Despite the positive news, there are doubts, admitting of a possibility of the figures falling.
Mike McGlone, a Bloomberg Intelligence analyst together with blockchain capital venture’s Spencer Bogart also spoke of possibilities that bitcoin may continue moving sideways.
Bogart believes that bitcoin is a safe asset from a long term perspective. He also noted the possibilities of its value growing further on a basis of continued adaptation of the cryptocurrency and advantages of the new financial instrument.
The fact that bitcoin set a new hash rate record, according to max Keiser indicates an imminent growth phase.