John Mcafee Drops His $1 Million Bitcoin Price Prediction, Says BTC Isn't the Future

Francisco Memoria

Eccentric cybersecurity entrepreneur John McAfee has claimed his famous $1 million bitcoin price prediction was a “ruse” to onboard new users into the cryptocurrency space, and said he believes BTC isn’t the future of crypto.

On Twitter, McAfee addressed his $1 million by the end of 2020 bitcoin price prediction, which he defended numerous times since originally making it back in November 2017, saying it was a “ruse” to onboard new users that “worked.”

He added that while bitcoin was the first cryptocurrency it’s now “ancient technology,” competing it to the Ford Motel T in the automobile world. Per his words, newer blockchains have privacy, smart contracts, and other features BTC doesn’t have.

Notably, McAfee’s original price prediction was for BTC to hit $500,000 per coin by the end of this year, but in November 2017 doubled it saying it “accelerated much faster than my model assumptions.”

According to websites tracking McAfee’s prediction, he is currently down by over 95%, as the price of the flagship cryptocurrency would have to rise $178,000 to be on target for $1 million by the end of this year.

The price of the cryptocurrency would have to rise over $2,800 a day to reach the target, but in BTC’s short history there have been precedents of such exponential surges. Between January and June 2011, BTC went from $0.3 to $32, and between October 2012 and December 2013 its price rose from little over $10 to over $1,000.

McAfee claimed his “ruse” resulted in “onboarding 10,000 new users to crypto,” and added he doesn’t care about the price of BTC as it’s “irrelevant” to the cryptocurrency space. He argued bitcoin isn’t the future of crypto.

When asked which privacy-centric cryptocurrencies he’d support, McAfee pointed towards monero (XMR). It’s worth noting that in May 2018, as CryptoGlobe reported, the eccentric entrepreneur argued Bitcoin Private (BTCP) was going to “replace monero” on the dark web.

BTCP, according to CryptoCompare data, is down 99.7% against BTC since its launch, and currently only has a $400 daily trading volume on the Graviex cryptocurrency exchange.

Featured image via Unsplash.

Time to Be ‘Cautious or Short' Bitcoin, Says Bollinger Bands Creator

Francisco Memoria

John Bollinger, creator of the popular technical analysis tool Bollinger Bands, has tweeted out it’s time to be “cautious or short” on the price of bitcoin, after the cryptocurrency’s price dipped below $10,000 for the third time since the so-called black Thursday.

On social media, Bollinger pointed out that bitcoin’s last move p over the $10,000 mark, which came shortly after U.S. President Donald Trump finished a speech on law and order in which he vowed to take “immediate presidential action to stop the violence” and said he was “mobilizing all available federal resources — civilian and military — to stop the rioting and looting,” was a head-fake.

A head-fake, Investopedia writes, occurs when the price of a security moves in one direction initially, but then reverses its course and moves in the opposite direction. These trades occur most frequently at key breakout points – for bitcoin, a key point was the $10,000 mark.

The price of the cryptocurrency dropped suddenly after breaking its key breakout level earlier this month over a flash crash on BitMEX that saw its price dip to $8,600 before it started recovering. CryptoCompare data shows that bitcoin is now trading above $9,600, but that since the March 12 coronavirus-induced market crash it has tested the $10,000 mark three times already.

Bollinger, it’s worth noting, has a decent track record looking at cryptocurrencies. In October 2019 the analyst accurately said the price of BTC dropping to $7,300 was a head-fake, and the price of the cryptocurrency then moved up in a significant rally to $9,500.

In April of this year, Bollinger tweeted out BTC was “moving into squeeze territory,” shortly before the cryptocurrency’s price started surging. He was, however, caught off guard by the Black Thursday sell-off, as were most investors and analysts.

It’s worth noting many in the cryptocurrency space are still bullish long-term. As reported early BTC developer Adam Back – who some believe could be Bitcoin creator Satoshi Nakamoto – has said he believes the price of the cryptocurrency will hit $300,000.

Featured image via Unsplash.