IT security software provider and outspoken bitcoin enthusiast John McAfee said on Monday he still believed in a strong, medium-term rally for the top cryptocurrency, despite some severe recent losses.
Commenting on Twitter in response to a Tweet from commodity trader Peter Brandt, McAfee told investors to ignore the losses that have taken the price of bitcoin down from $10,000 to $8,000 in little more than a week. He said:
Stop wringing your hands! Watch GOT [Game of Thrones] reruns, or woo your spouse or finish off your drug stash. All is well.
Bull Move Predicted
McAfee - echoing the sentiment of Factor Trading founder Peter Brandt - said he was "firmly" with Brandt in his medium-term price prediction of $50,000 for bitcoin. McAfee added that he remained resolute in his belief bitcoin will reach a price target of $1 million by the end of 2020.
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
On Sunday, Brandt Tweeted that he believed the top cryptocurrency by market capitalisation would bottom at $5,500 by February 2020 before beginning a bull move to $50,000. At the start of September, Brandt said he believed bitcoin had entered a fourth parabolic phase - a rare chart pattern that tends to signal strong buying, making higher highs, but also lower lows.
Chris, just a wild guess, but I think BTC bottoms at $5500 next Feb and then begins a bull move to $50,000— Peter Brandt (@PeterLBrandt) September 29, 2019