Ignore the Ongoing Drop, Bitcoin is Going to $1 Million: Reaffirms John McAfee
- Analysts expecting BTC price to drop to $7k
- Veteran trader predicting Bitcoin’s bottom at $5.500 next year before surging to $50,000
Bitcoin started a new week with high volatility as price went down to $7,714, today’s lowest point that was last hit in early June of this year. The highest point, meanwhile, has been $8,325.
Today being the last day of the quarter, Bitcoin is on track to post the first quarterly loss of 2019. BTC is currently down over 25 percent from July’s opening price of about $10,760.
This marks the first quarterly loss since the last three months of 2018. At that time, the crypto asset dropped by about 44 percent. Currently, BTC is trading at $8,255 with 24 hours gains of 3.54 percent, as per Coincodex. Trading volume, however, has fallen back below $500 million, as per Messari.
A drop to $7k?
Analyst Data Dater says, the recent downturn seen by Bitcoin has the descending triangle breaking down on the one-hour chart. From here, he further expects the price to take another 10% drop that puts the target at $7,048.
Another analyst Cantering Clark, a hedge fund manager and co-founder of Blockroots also points out how there is increasingly delta at range support. Buyers are already looking exhausted, BitMEX funding meanwhile, is negative but not extreme yet.
“Bring on the lows of May-June,” with price at $7,200-$7,500, he added.
But Hitting Bottom would Lead to $1 Million
However, this isn’t the most bearish BTC price prediction for this cycle. Veteran trader, Peter Brandt believes Bitcoin will bottom at $5,500 next February and after that it will begin a bull move to $50,000.
— CryptoHamster (@CryptoHamsterIO) September 30, 2019
Bitcoin bull John McAFee agrees with Brandt’s medium term price prediction of $50,000 while advising to ignore the ongoing drop in BTC price. He further reiterated his call for $1 million by the end of 2020.