Bitcoin Price

‘People Have Panicked’ – BTC Price Rout Business as Usual for John McAfee

Esther Kim | Nov 20, 2018 | 03:02

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Bitcoin’s big names came together to reassure “panicked” investors November 20 after the BTC price today slid beyond recent lows to hit $4500.

Resistance Eyed At $4K

The continuing result of Bitcoin Cash’s instability after it hard forked last week, BTC/USD 00 hit its lowest in over a year, finding support only around $4480.

At press time, the pair was circling $4600, while analysts warned that although major barriers such as $4000 would not be broken “without a fight,” it was likely current levels were “not a bottom.”

“$4800 was not a bottom by any means – my arbitrary line in the sand was the wrong arbitrary line,” the Twitter account known as Crypto Dog laments Tuesday.

…Judging by volume, we are still quite far from a bottom. So far this sell off has been relatively weak (volume wise).

Two things:

1) $4800 was not a bottom by any means – my arbitrary line in the sand was the wrong arbitrary line.

2) Judging by volume, we are still quite far from a bottom. So far this sell off has been relatively weak (volume wise). pic.twitter.com/utTYDpZ9lX

— The Crypto Dog📈 (@TheCryptoDog) November 20, 2018

Altcoin markets had seen decidedly more determined sell-offs. Unsurprisingly, Bitcoin Cash 00 led the rout, losing almost half its value in just 24 hours as the consequences of two rival chains’ infighting suddenly showed.

Ethereum (ETH) 00, formerly the largest altcoin by market cap, also dipped to new lows, sparking fears it could soon lose its place in the top three assets as Stellar limits its losses.

Hastening ‘Capitulation’ To $3K

For John McAfee meanwhile, the latest bloodbath constituted nothing more than another “winter.”

“People have panicked. But there’s no fucking need. We’re in a bear market. They suck, yes, and not like a hooker with no teeth,” he urged.

“But I’m 73 and have seen this dozens of times in many markets. Bear markets are like Winter. It’s always followed by a glorious Spring.”

His optimism mirrored that of BTCC co-founder Bobby Lee, who on Monday called for a “capitulation” of short-term traders in order to produce a definitive BTC/USD low.

At current rates, the pair is around halfway to the ‘bottom’ as predicted multiple times by celebrated trading guru Tone Vays, who has forecast $3000 as a target to hit before markets reversed.

Bitcoinist reminds readers of the pledge McAfee made regarding a $1 million Bitcoin price by 2020 – or 772 days’ time.

What do you think about Bitcoin’s current price performance? Let us know in the comments below!

Images courtesy of Shutterstock