Most Crypto Influencers Are Confident Bitcoin Bottomed out, Prominent Analyst Reveals

Francisco Memoria

Willy Woo, a prominent cryptocurrency analyst, has recently revealed he surveyed some of the most notable influencers, analysts, and traders in the cryptocurrency space to find out whether they believe the bear market has bottomed out. Most revealed they’re confident it has.

According to several tweets Woo published, cryptocurrency influencers like Kraken founder Jesse Powell and analyst Arjun Balaji – along with influencers like WhalePanda and entrepreneur Alistair Milne - are 90% certain the bear market bottomed out, while Woo himself revealed he is 90% certain.

Other influencers, like the co-founder of Fundstrat Global Advisors Tom Lee, who predicted that BTC would hit a $25,000 all-time high by the end of last year, revealed they’re 90% sure. Mike Novogratz, the founder of Galaxy Digital, claimed to 85% certain.

While most were bullish, some cryptocurrency influencers revealed they were bearish and saw slim chances the bear market has bottomed out. Cryptocurrency entrepreneur Vinny Lingham, for example, was 20% certain the bottom was in, while YouTube host Tone Vays went with 40%.

Woo’s tweetstorm on how bullish or bearish crypto influencers are came after an online debated hosted by Tone Vays, in which whether the bottom was in for bitcoin was discussed. To Woo, bitcoin’s adoption hasn’t stopped growing as every year “we’re seeing a doubling in user base,” which is lead to more capital being injected in BTC.

The prominent cryptocurrency analyst added some influencers noted it may be too bullish to point to a bear market bottom. Jesse Powell, Kraken’s CEO, revealed the “bottom is never in” as “everything can go to 0.”

Peter Brandt, a prominent trader who predicted last year’s bear market that saw bitcoin plunge from a near $20,000 all-time high to about $3,200, noted there’s a “50% chance BTC goes to $50k. 25% chance we establish a very prolonged broad trading range for several years. 25% chance we go to basically zero.”

At press time, one bitcoin is trading at $5,550 after rising 4.5% in the last 24-hour period. The flagship cryptocurrency has been seeing its price steadily rise since it hit $3,200 late last year. Recently, BTC saw a classic “Golden Cross” occur, a typically bullish sign.

Bitcoin Is ‘Worthless’ Says John McAfee After Predicting It Would Hit $1 Million

Francisco Memoria

Eccentric cybersecurity entrepreneur John McAfee has bashed bitcoin claiming the flagship cryptocurrency is “worthless,” even though he had predicted it would reach $1 million by the end of this year, before calling off his prediction.

On social media, McAfee responded to a user who said he believes the cybersecurity expert was only followed because of his bitcoin price prediction, to which McAfee responded bitcoin is “worthless.”

In response various users criticized McAfee for past predictions he got wrong – including for various altcoins – while others tried to defend BTC has value. McAfee is well-known in the cryptocurrency space for a famous $1 million bitcoin price prediction.

On social media, the eccentric entrepreneur initially claimed, in July 2017,  the price of one bitcoin would be above $500,000 by the end of 2020. In November ,when the price of bitcoin was moving toward its $20,00 all-time high by December 2017, McAfee said he predicted the $500,000 mark based on “a model that predicted $5,000 at the end of 2017.”

As such, he revised his prediction to say BTC would hit $1 million by the end of 2020. I January of this year, after the cryptocurrency endured an year-long bear market and subsequently failed to recover to its previous all-time high, McAfee claimed the prediction was a “ruse to onboard new users” and dropped the prediction.

In a tweet revealing the “ruse” McAfee claimed bitcoin is “ancient technology” as newer blockchains have “privacy, smart contracts, distributed apps and more.” McAfee would later on criticized the flagship cryptocurrency, calling it “old” and “clunky.” Per his words, bitcoin is the “Hotmail of crypto.”

Notably billionaire Chamath Palihapitiya, the CEO of Social Capital, has recently argued that the price of bitcoin may increase significantly over the next decade to reach $1 billion per coin.

Featured image via Unsplash.