No wild price prediction has gained more attention than John McAfee’s manhood eating million dollar bitcoin. Prices are on the floor again this week and the long term trend eyeing the magic seven-figure sum by the end of next year looks elusive.
Bitcoin Price Plunges to Seven Month Low
Another huge plunge a few hours ago sent bitcoin price below $6,600 to a seven month low. Since the same time last week, the digital asset has declined 10% and it looks like the pain is not over yet.
Short term price predictions foretell further losses as another miserable year for markets comes to a close. On the upside, BTC is still up 80% from its price this time last December so all is not lost.
Bitcoin price predictions for 2020 are generally bullish, as they were during the depths of crypto winter last year. Those predictions were true back then as the asset surged over 300% to reach its 2019 high.
Next year could be witness to even greater gains as there are several bullish factors missing from this one such as the halving event.
Back in 2017, crypto warlord John McAfee famously said that one single BTC would be worth half a million dollars in three years’ time. Putting his own johnson on the line, he later revised that bet upping his bitcoin price prediction to $1 million by the end of 2020.
That time is now only 12 months or so away and with bitcoin price lulling around the mid-$6k level, it looks as far-fetched as ever.
A more realistic trend continuation would result in a bitcoin price of around $30k by the end of 2020, taking the previous market bottoms into account.
Other market analysts have taken a simpler approach stating that a thousand bucks put into BTC on January 1st this year would be worth around $1,800 today.
On January 1st, if you:
put $1,000 into $BTC, it's now $1,860 (+86%)
put $1,000 into top 10, it's now $968 (-3%)
put $1,000 into top 20, it's now $908 (-9%)
put $1,000 into top 30, it's now $975 (-2%)
put $1,000 into top 50, it's now $898 (-10%)
— Ceteris Paribus (@ceterispar1bus) December 17, 2019
The same cannot be said for most of the other altcoins which have all lost ground over the year. There are a few exceptions though including Binance Coin, Tezos, and Chainlink, the only higher cap crypto assets that are ending the year in the green.
A million-dollar bitcoin price is still a long way away so best to just get through the crypto winter and see what 2020 brings.
Will bitcoin price hit a new all-time high in 2020? Add your comments below.