The recent plunge in Bitcoin’s price got the community going once again. As analysts and traders across the board are trying to figure out whether this is the bottom or not and if there’s more pain to come, legendary tech entrepreneur John McAfee came up, once again, with a firm statement. He said that he supports Peter Brandt in his guess that Bitcoin will bottom at around $5,500 and begin its bull run towards $50,000.

John McAfee Stands Firm On Bitcoin Price Increase

Bitcoin went through a hell of a week, losing upwards of $2,000 of its dollar value in the past few days alone. Currently trading at around $8,100, the cryptocurrency is down about 20% in the past seven days.

However, according to popular cryptocurrency commentator John McAfee, once again, there’s no reason to worry. Casually, he advised ignoring the latest decline and focus on the bigger picture.

“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.” – Said McAfee.

He referred to a recent prognosis made by prominent trader Peter Brandt, who just yesterday said that he believes Bitcoin will bottom at $5,500 and begin its parabolic move to $50,000 next February. More interestingly, McAfee also stands firm on his $1 million per Bitcoin prediction which should happen by the end of 2020.

As Cryptopotato reported today, Bitcoin went through yet another decline in the recent hours, after trading sideways throughout the weekend.

Traditionally Bullish

McAfee’s positivity on Bitcoin is not at all surprising. Known for a lot of different things, among which refusing to file any tax returns in the past 7 years, McAfee recently praised the cryptocurrency.

He outlined that the US doesn’t have the power to control cryptocurrencies, presumably because of their immutability and decentralized nature.

In addition, McAfee has also previously said that short-term dips in the price, much like the one that took place last week, are not to be taken seriously. We have yet to see where the price action will take us but McAfee has been right before.

However, all things considered, if both McAfee and Brandt are right, we have to see Bitcoin at $5,500 before we can see it charging at a new ATH.

The post John McAfee: Bitcoin Price To $50K In The Mid-Term And $1 Million By End of 2020 appeared first on CryptoPotato.

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