McAfee still positive: bitcoin price one million at the end of 2020

Last weekend the price of bitcoin went below 10,000 dollars for the first time. Bitcoin has fallen by nearly 1,800 dollars from Friday night. As a result, the value of the total cryptomarket was only 300 billion dollars.

Is this reason for John McAfee to worry? He promised to eat his own genitals if bitcoin is not worth one million dollars by the end of 2020.

Bitcoin is at the mid 10’s and people worry. LMFAO !! Why do you pay attention to weekly fluctuations? Look at the past few months FFS! It’s rising drastically. I’m still positive about my $ 1 mil BTC price by the end of 2020. Alt coins like MTC and Apollo will rise ten times more.

– John McAfee (@officialmcafee) July 14, 2019

As you can read in his tweet above, McAfee is always positive. He even recommends two altcoins that have surrendered 25 percent in value this weekend. And in the reactions to the tweet he is very defensive towards skeptics.

Long term more important than fluctuations

McaFee is not the only “influencer” who is not bothered by the price correction. The popular crypto analyst PlanB tweeted an intriguing analysis of the stock to flow of BTC. After the block reward halving in 2020, the rate reaches $ 100,000 according to the model. Then we go in 2024 towards the 1 million dollars and in 2028 even towards 2028.

This is becoming scary: using Oct instead of Dec data, Stock-to-Flow model fit improves to 99.5% R2! Model error was mainly caused by Nov2013 and Dec2017 ATH, so sampling without ATH gives less noise. Predicted #bitcoin prices increase: $ 100K (2020+), $ 1M (2024+), $ 10M (2028+) … pic.twitter.com/1WX6LOVxZW

– Plan₿ (@ 100trillionUSD) July 14, 2019

Tuur Demeester looks at the monthly price performance of bitcoin since 2011. What you can get out of this is that monthly corrections are not unknown to bitcoin. The fall last weekend seems terrifying, but his tweet puts that volatility in a better perspective. Maybe you can even take advantage of it.

With August coming up, @ JohnSpall247 just reminded me to review this chart of seasonal BTC price performance: pic.twitter.com/CElYXBiz4S

– Tuur Demeester (@TuurDemeester) July 12, 2019

Bitcoin is not the only cryptocurrency that has surrendered, almost all coins fell by a minimum of ten percent.

Whether the decrease is due to technical reasons or the news from the US senate remains to be seen. The American regulators are busy drafting a knowledge which means that large tech companies are not allowed to deal with currencies. More about that later.