It seems like the “bears” hit straight from the shoulder to the price of Bitcoin. The main cryptocurrency has significantly dropped over the past 24 hours. Where is Bitcoin trading now?
Are the Major Players Pushing Out the Small Speculators?
On July 15, the price of Bitcoin fell to $ 9,800. It has been dropping below $ 10,000 for the first time since July 2. Bitcoin market cap fell to $ 182 billion losing about $20 billion from yesterday.
However, a supporter of Bitcoin, John McAfee, attacked investors, who chickened out:
Bitcoin is at the mid 10's and people worry. LMFAO!! Why do you pay attention to weekly fluctuations? Look at the past few months FFS! It's rising drastically. I'm still positive about my $1 mil BTC price by the end of 2020. Alt coins like MTC and Apollo will rise ten times more.
— John McAfee (@officialmcafee) July 14, 2019
Thus, McAfee keelhauled investors for the panic they started as a result of the usual weekly fluctuations. He also recalled the parabolic Bitcoin price movement lately. Despite the deep price correction, McAfee is confident that Bitcoin will reach the million predicted by him.
$ 1 Million and Up?
The popular cryptocurrency analyst Plan₿ published an interesting analysis on Twitter, which demonstrates that the price of Bitcoin reaches for $ 100,000 after the halving in 2020, and then to $ 1 million in 2024 and $ 10 million in 2028.
This is becoming scary: using Oct instead of Dec data, Stock-to-Flow model fit improves to 99.5% R2! Model error was mainly caused by Nov2013 and Dec2017 ATH, so sampling without ATH gives less noise. Predicted #bitcoin prices increase: $100K (2020+), $1M (2024+), $10M (2028+)… pic.twitter.com/1WX6LOVxZW
— Plan₿ (@100trillionUSD) July 14, 2019
The Founding Partner of Adamant Capital Tuur Demeester also has published a chart demonstrating the dynamics of Bitcoin prices from 2011. This will probably help predict the future seasonal behavior of the main cryptocurrency:
— Tuur Demeester (@TuurDemeester) July 12, 2019
Although the latest drop from $ 11,400 to $ 9,800 terrifies many, such a price correction is the norm for Bitcoin. To date, the price trades on the level near $10,315. For many investors, such pullbacks are a great opportunity to accumulate new coins buying them at a lower rate.
Altcoin Investments can Generate 10 Times Profit
Altcoins also suffered significantly as a result of a decrease in the price of Bitcoin: Ethereum decreased to $ 226, while Litecoin, EOS, and XRP also suffered heavy losses from 10% to 15%.
While almost all altcoins are in free fall. But according to the cryptocurrency analyst The Crypto Dog, we will soon see the opposite movement. He argues that the total capitalization of the altcoins can soar by at least 50 percent in the near future.
— The Crypto Dog📈 (@TheCryptoDog) July 6, 2019
The holders of altcoins will be able to earn their X in the next few months. And each of them has the potential to increase their capital by one hundred. To do this, you just need to select coins with huge growth potential in the medium term.