The media and others have it all wrong when it comes to predicting Bitcoin’s price movements. This according to John McAfee who believes he’s the ...
The media and others have it all wrong when it comes to predicting Bitcoin’s price movements. This according to John McAfee who believes he’s the only one who can make such calls accurately.
The founder of software giant McAfee took to Twitter this week to give his thoughts.
It’s been several months since McAfee tweeted specifically about Bitcoin’s price. It seems the latest predictions made by several people didn’t sit well with him.
One of the things that go hand-in-hand with Bitcoin and other cryptos relate to price predictions. Everyone, it seems, has an idea about how high, or how low, it will go, and when.
Jesse Lund, IBM’s vice president of Blockchain and Digital Currencies, recently expressed his bullish Bitcoin views. He set a long-term $1 million price target.
That target is based on his belief that the higher the price of a crypto asset, the more utility it has. For this reason, people should focus less on the moving prices of crypto assets and more on their utility, he said, adding:
If the price of Bitcoin were higher, there would be more liquidity on the network, we could be having a really different discussion with banks right now.
This $1 million target seems to have really annoyed McAfee. He tweeted:
On Friday, he followed up, and tweeted this:
McAfee’s latest tweets come about a year after he reaffirmed his bullish view about Bitcoin. He’s stated that its price would reach “$500,000 by the end of 2020”. In November 2017, he tweeted that the cryptocurrency had accelerated much faster than expected, causing him to raise his prediction to $1 million instead.
An interesting point made by Lund was that speculators are hurting the value of cryptocurrencies “because they’re thinking about it wrong.”
Lund joins others who’ve spoken out about BTC’s price as it’s recently started to move higher. Following a rapid surge in its price to $4,000 from $3,614 to $4,000 within a span of three days, traders are speculated it could retrace by around 7 percent to $3,700, CCN.com reported.
The cautious projection on the price trend of the dominant crypto asset comes after the failure of BTC to climb beyond the crucial $4,000 resistance level.
Much attention is on institutional investors, who are anticipated to ramp up their crypto positions this year. It’s thought that they will open the floodgates of capitalization, institutional expertise, and the aura of officialdom, infusing the crypto industry with so much value. CCN.com noted that many expect its market cap will dwarf its previous peak at the height of the bubble in 2017.
The lack of momentum in the price trend of BTC has also started to affect tokens that have outperformed the majority of digital assets in the past 30 days, CCN.com reported this week. Also, tokens such as Binance Coin, VeChain, Ontology, Status, and Waves have started to fall. They could see intensified downside movements in the next 24 to 48 hours depending on the performance of BTC.