The recent plunge in Bitcoin’s price got the community going once again. As analysts and traders across the industry wonder whether we’ve reached the bottom or if there’s more pain to come, legendary tech entrepreneur John McAfee has made his opinion known. He said that he supports Peter Brandt in his belief that Bitcoin will bottom out around $5,500 before beginning a bull run towards $50,000.
Bitcoin had a hell of a week, losing upwards of $2,000 in the past few days alone. Currently trading at around $8,100, the cryptocurrency is down about 20% in the past seven days.
However, according to popular cryptocurrency commentator John McAfee, there’s still no reason to worry. He advised ignoring the latest decline and focusing on the bigger picture.
“Ignore this drop in Bitcoin’s price. I am firmly with Peter Brandt in his medium term $50k price prediction. I am also firm on my $1 mil price by the end of 2020. Stop wringing your hands! Watch GOT reruns, or woo your spouse or finish off your drug stash. All is well.”
He referred to a recent prediction made by prominent trader Peter Brandt, who just yesterday said that he believed Bitcoin will bottom out at $5,500 and begin a parabolic move to $50,000 next February. More interestingly, McAfee also stands firm on his prediction that one Bitcoin will be worth $1 million by the end of 2020.
As CryptoPotato reported today, Bitcoin suffered yet another decline in recent hours, after trading sideways throughout the weekend.
McAfee’s optimism toward Bitcoin is not at all surprising. Known for a lot of things, including refusing to file any tax returns in the past 7 years, McAfee recently praised the cryptocurrency.
He noted that the US lacks the power to control cryptocurrencies, presumably because of their immutability and decentralized nature.
In addition, McAfee has previously said that short-term dips in the price, much like the one that took place last week, are not to be taken seriously. We have yet to see where the price action will take us, but McAfee has been right before.
However, all things considered, if both McAfee and Brandt are right, we’ll have to see Bitcoin at $5,500 before it charges toward a new ATH.