John McAfee and Peter Brandt Predict Bitcoin Rally to $50,000 Despite Recent Losses

Neil Dennis

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.

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.

 

Featured image by Gage Skidmore, Flickr, CC by 2.0