McAfee doubles down: "still positive" Bitcoin will reach $1 million by 2020

15 Jul, 2019 | Updated: 15 Jul, 2019
by Will Heasman
Opinion
McAfee doubles down: still positive Bitcoin will reach $1 million by 2020

Perpetual bull, John McAfee offered more than just a voice of reason last night as the market witnessed a violent shakeout. The security magnate doubled down on his infamous prediction of a $1 million Bitcoin price, noting that he was “still positive,” that it was on track.

Yesterday saw the market thoroughly shaken as bitcoin dipped below $10k for the first time in weeks as yesterday’s highly touted daily close brought more pain than most were expecting. However, McAfee came to slap some sense into investors…

McAfee noted that Bitcoin had reached $10k, a minor miracle in itself following what was  long and cold crypto winter of 2018. The eccentric crypto aficionado added that the latest dip was simple “weekly fluctuations” and even suggested that his predication of $1 million per BTC by 2020 was still on track:

And he would be right, not necessarily about the prediction, but certainly about the state of the market. Right now, Bitcoin is still around 170% up year-to-date and is still boasting a five-figure price, something we could have only hoped for a few months back.

BTC/USD Chart provided by Tradingview  

Moreover, we’re currently still in a bull market and corrections, or as McAfee puts it “weekly fluctuations” are to be expected.

Interestingly, various corrections from the 2015-17 bull market were recently collated by analyst Peter Brandt, who alluded to the fact that a 30-40% correction was not outside the realms of possibilities during a bull market.

What do you think? Are you worried about this latest drop? Will we go lower? Let us know your thoughts in the comments!

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