Bitcoin owners are having a hard time for the past few days as the apex cryptocurrency has fallen to a new six month low. After reaching the yearly peak around $12,500 on June 09, it has now fallen below $8,000, and that too after months of being stagnant between $9,500 –$10,500. This has again raised questions over the volatile behavior of the coin; interestingly, legendary trader Peter Brandt has predicted that BTC price could reach $50,000, after hitting the bottom.
Brandt’s statements may have raised a few eyebrows, but he has got strong support from renowned computer scientist John McAfee. He tweeted on Monday, asking the community to ignore the sudden price drops and focus on the long term perspective. McAfee seemed firm about his $1 million Bitcoin price prediction, which he says, will be a reality within a couple of months.
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. pic.twitter.com/gMFdLaVkQc
— John McAfee (@officialmcafee) September 30, 2019
McAfee has been a long-time supporter of the crypto-blockchain industry, and himself have been involved in a few projects, the latest being his involvement with the Middle Eastern blockchain company Burency. He has always emphasized that BTC owners must hold on to their tokens and ignore sudden price fluctuations, as in the long run, Bitcoin is the future of global financial and monetary systems.
McAfee has been on the run for quite a few years and has continuously shifted bases. However, he has been a constant advocate of crypto, and a staunch critic of governments for their crackdown on crypto companies.
While these statements might bring temporary relief to the owners, the immediate future still remains uncertain. Major international markets like the US, India, and China, have imposed stricter laws, while the global economic slowdown is becoming more and more evident by the day. In such testing times, the revival of Bitcoin is somewhat unclear, as people might want to park their wealth in stable assets like gold.