Bitcoin Price Drop Doesn’t Scare McAfee, Backs $50K Prediction

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Bitcoin predictions are usually full and free flowing when the price of the coin is on a rampant rise, and they usually go pretty quiet when Bitcoin is in free fall or in a strong bearish trend. It is the latter that has befallen the major cryptocurrency, yet there is still positivity from big name commentators. 

One of these is former anti-virus mogul John McAfee who has reinvented himself as a huge Bitcoin maximalist. The eccentric character has now said that he is not fearful of Bitcoins recent fall of over $2,000 dollars and has in fact come out backing the prediction of Commodity trading veteran Peter Brandt who believes that $50,000 is on the cards. 

Bitcoin has had a tough time of late, even before the recent collapse that saw the price of the coin sink from over $10,000 to under $8,000 for a time. The sudden drop was unexpected, and seemed to break the bullish momentum that had been building over 2019.

However, the period preceding the fall saw Bitcoin trading predominantly sideways and this was always a sign that a move was about to happen one way or another.

Still on track for $1 million.

McAfee made news when he said that Bitcoin would make it to $1 million by the end of 2020. The maximalist said this at a time when Bitcoin was worth about $4,000 so is still on track, and still backing that prediction. 

However, in his midterm prediction, McAfee is agreeing that $50,000 is not far off - this would be a doubling of its previous all time high.

“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 said to reassure on Twitter.

Commodity trading veteran Peter Brandt recently predicted that the Bitcoin price could be heading $50,000 in the long-term. He further said that before starting its next upward trend, Bitcoin will first establish a bottom at $5,500. Back in April, he had suggested that Bitcoin had entered its next parabolic phase before the coin went from $5,000 to nearly $14,000 in the span of a few months.

“Chris, just a wild guess, but I think BTC bottoms at $5500 next Feb and then begins a bull move to $50,000,” he tweeted

Still in a good space

While these predictions do not really mention the reasons for why Bitcoin will head to these never before seen highs, it is not totally out of the realm of possibility. Bitcoin is in a healthy position in terms of its mining and hashing rate.

More so, there is set to be some macroeconomic factors in play over the next few months as the coin’s supply suddenly cuts in May of 2020.
 

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