Bitcoin’s Value is on “Its Own Journey” to $10,000 in 2019, Then on to $1 Million USD Exchange Rate
In the green by 2.67 percent in the past 24-hours, Bitcoin is currently trading at $5,237. Yesterday, the leading cryptocurrency had dropped down below $5k at about $4,985 level but has made a good uptrend since then.
However, after hitting just above $5,440 on April 10th, Bitcoin has yet to achieve that level as BTC/USD remains around the $5k level.
According to the crypto trader, Moon Overlord, the next target for Bitcoin is $7k as he states, “Targeting the 1.618 FIB extension on RSI. Would put the price around $7,000.”
Meanwhile, CEO of ADVFN, Clem Chambers, stocks and investment website believes the crypto winter is over and Bitcoin is going to hit first $6k and then $10k this year which he attributed to the interest coming from China.
“Money flowing into stablecoins is going to lift bitcoin because fundamentally money flowing into crypto is what sustains and raises prices,” added Chambers.
McAfee says BTC Below $1 Million is Impossible
While in the short term, Bitcoin is expected to take a hit between the range of $4k to $5k and to make its way upwards to $7k and then higher, for the long term, John McAfee is further emphasizing on his $1 million per BTC price prediction.
The cybersecurity expert cites basic mathematics as his metrics to justify the six-figure price prediction for BTC. He further stated that the behavioral economics of the leading cryptocurrency is very much different than stocks and so the stock formulas can’t be applied to determine the future price of Bitcoin.
“Come on people!!! It's time to brush up your basic math skills and run some f*^#$ng numbers!!!! It is mathematically impossible for Bitcoin to be less than $1 mil by the end of 2020. Bitcoin is not an effing stock!!! You can't apply stock paradigms or formulas and expect answers!” said McAfee.
He further shared that in the future, people will start using Bitcoin for payments and receipts and stop using fiat currencies like the US dollar, Chinese Yuan, and Euro that in the long term will devalue these currencies.
Much like the fiat such as the US dollar that has value for people because they have trust in the regulator that issues and governs its value, as more and more people accepts Bitcoin, the more its demand will surge.
However, unlike, fiat, Bitcoin can’t be printed out of existence as it has a limited supply of 21 million that makes it even more valuable.
Bitcoin and Fed Connection
In its RT Keiser report, as the flagship cryptocurrency makes its way upwards during the time the US Fed signaled that the interest rates will remain flat for at least 2020, Bitcoin proponent Max Keiser says,
“Bitcoin is on its own journey and it has a way to make people look really stupid… because they never take the time to investigate what bitcoin is all about.”
Meanwhile, Stacy Herbert says, this move shows Bitcoin is responding like gold “Bitcoin’s spike on Fed’s Minutes is an interesting signal that it’s responding like gold which also spiked that day. Of course, they both [bitcoin and gold – Ed.] fell on the following day because that’s what happens all the time when you try to fight the Fed…” She further added that “gold always tries to fight the Fed, and sometimes it’s a bloody war. And now bitcoin is trying to fight the Fed…”
Here is one last crypto twitter community contributor's input in which reveals quite a bit about a larger than life, come to the surface and show me the stats to back up the claims:
The best price prediction for the future of #Bitcoin that I have ever seen in #crypto. Keep in mind that this prediction was made in August 2018 when $btc price was still in 6k$ range. So far it has fully proven. Let's see how it plays out till 2023. pic.twitter.com/vmMLqOXV7Y
— Strange Doctor Crypto (@organizer1111) April 13, 2019
Live Bitcoin (BTC) Price:
1 BTC/USD =$27,881.6350 change ~ 2.54%