No price forecast has attracted more attention than John McAfee’s “1 million per Bitcoin-or-I-eat-my-might”. Prices are back on the floor this week, and the long-term trend, which predicts a magical double-digit million figure by the end of next year, seems absolutely unreal.
Bitcoin price drops to seven-month low
Another big jump sent the Bitcoin price below $ 6,600 a few hours ago – to a seven-month low. The digital asset has declined by 10% since last week. It seems the pain isn’t over yet.
As another miserable year for the markets comes to an end, many short-term price forecasts now predict further losses. On the other hand, however, BTC is still 80% above its December last year price – so not everything has been lost.
For 2020, Bitcoin price predictions are generally bullish, as they were during the crypto winter lows last year. Gains of over 300% were predicted, and so it happened.
Larger gains could be made next year as several bullish factors (such as bitcoin halving) are added.
Back to McAfee. As early as 2017, the crypto warlord assumed that a single BTC in 2020 would be worth half a million dollars. He bet his own Johnson and later even added one when he raised his Bitcoin price forecast to $ 1 million by the end of 2020.
Until then it is only twelve months. With a bitcoin price in the middle of $ 6,000, McAfee’s goal seems out of reach.
A more realistic trend continuation, taking into account the previous market lows, would lead to a Bitcoin price of around $ 30,000 by the end of 2020.
Other market analysts are adopting a simpler approach, according to which a thousand dollars invested in BTC on January 1, 2019 would be worth around $ 1,800 today.
This does not apply to most altcoins that have lost ground over the course of the year. However, there are exceptions – including Binance Coin, Tezos and Chainlink, the only crypto assets that end the year in the green.
We’re still a long way from a million dollars per Bitcoin. So it’s best to come through the crypto winter and see what 2020 brings.