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Peter Brandt And John McAfee Bullish About Bitcoin Despite Price Drop

ยท in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

The recognized trader and chartist Peter Brandt and the controversial crypto figure John McAfee are bullish about Bitcoin (BTC) despite its recent price drop. 

In a recent Tweet, Peter Brandt mentioned that Bitcoin could bottom close to $5,500 in February and start a bull move to $50,000. Meanwhile, Mr. McAfee supported Brandt’s comments and said that Bitcoin will reach $1 million by the end of 2020. 

Bitcoin Supporters Bullish About The Cryptocurrency

A few days ago, Bitcoin fell from $10,400 to under $8,000 a few hours ago. This came after some months in which the price of Bitcoin was traded sideways between $9,400 and $10,800. 

Many enthusiasts and crypto investors expected Bitcoin to move forward and surpass its previous all-time high. Bitcoin reached its highest price level in December 2017 when it hit $20,000 in many exchanges. After it, a year-long bear market started that ended with Bitcoin being traded under $3,200. 

Peter Brandt suggested that Bitcoin will continue to fall and bottom close to $5,500. That means that Bitcoin would have to fall another 32% from $8,200 if it wants to be traded around $5,500. 

John McAfee, that is known for making the famous prediction of Bitcoin reaching $1 million by the end of 2020, supported Brandt’s comments by saying that he also considers that in the medium term $50,000 is a possible outcome. 

Furthermore, McAfee wrote that he is also “firm” on his $1 million price prediction by the end of 2020. 

On the matter, Mr. McAfee commented:

“Stop wringing your hands! Watch GOT reruns, or woo your spouse or finish off your drug stash. All is well.” 

In order for Bitcoin to reach $50,000, the virtual currency would have to grow 509% in just five months. Although it is not impossible, it seems far from happening with the current sentiment. 

At the time of writing this article, Bitcoin is being traded around $82,50 and it has a market capitalization of $148 billion. In the last 24 hours, the whole top 10 market is operating positively. 

The largest winner among the top 10 was Bitcoin SV (BSV) surging 7.32% in the last 24 hours. XRP followed with a price increase of 5.51% during the same period. Finally, EOS surged by 5.35% to $2.92 per coin. 

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