The Bitcoin price suffered a brutal pullback yesterday, but longtime crypto bull Max Keiser remains confident that the flagship cryptocurrency could still achieve a jaw-dropping $1 million target.
Perhaps even in time to save the eccentric John McAfee from having to “eat [his] d**k” on national television.
Arguing that Bitcoin crossing the $1 million milestone – also known as the McAfee d**k price – is still not “off the table,” Keiser also added other more immediate forecasts.
The RT host says $28,000 is his short-term price target, while $100,000 – representing a nearly 800% gain from its present level – is “within sight.”
Keiser has long argued that the Bitcoin price could top $100,000, maintaining that lofty goal even throughout the painful 2018 bear market.
Last month, he predicted that the U.S. Federal Reserve launching more quantitative easing would lead to the debasing of the dollar and trigger a massive rush into BTC.
While the Fed has shown no indication of launching another round of quantitative easing (yet), it has signaled that it could lower interest rates. President Donald Trump has, in the past, attacked the institution for “large scale tightening” and not knowing “what it is doing” while pushing for “rates cuts & easing.”
Keiser also said that Facebook’s Libra cryptocurrency would benefit the Bitcoin price, along with the increasing cost of mining BTC as the coin’s inflation rate declines.
Keiser is not the only crypto bull who contends that Bitcoin has more headroom.
Earlier this month, the co-founder of Fundstrat Global Advisors, Tom Lee, indicated that once the Bitcoin price reached the $10,000 point, it would double in a “fast and furious” manner. BTC currently trades above $11,500.
Specifically, Lee predicted that Bitcoin would hit $40,000 in five months after passing the $10,000 mark, which he said would ignite a “FOMO” rally.
With Bitcoin having breached that level this week, it means that if Lee’s prediction comes to pass, by late November the cryptocurrency will have hit another all-time high.
Last modified: June 23, 2020 7:37 PM UTC