At the start of this year, John McAfee, the worldwide pioneer of digital security, announced (and controversial) that the price of Bitcoin will reach one million dollars per token by the end of 2020. This forecast seems very doubtful at a time when Bitcoin is struggling to stay over 5,000 USD, let alone 10,000. So, how can you make sense of this in the current cryptic climate? Let's try and find out.
In this article, we will take a million dollar forecast seriously, analyze current and past data, and explain why BTC can reach one million dollars, although it does not seem very likely how things are now.
The growth of the token should have been small but exponential to reach one million points by December 2020. More specifically, it should grow by 0.048% per day. The fact is that Bitcoin has had that kind of growth for most of its existence.
We will take this May as a point of reference. In that month, the price was $ 9,000, and at that time the curved forecast adapted perfectly to the performance of the currency market. And before May, the effective price seriously outperformed the exponential forecast curve. Then he started to go down, and has been far from expectations ever since.
In order for BTC to be back in line with McAfee's prediction, it should reach $ 35,000 in three months and break the $ 100,000 barrier by next September. It does not seem the most plausible way for market development. But let's remember the past.
There was a time when it seemed impossible that Bitcoin would reach the value of a single dollar. But it happened. Then the new psychological brand has become $ 10.00, and it's also happened.
Then, over time, it reached 100, 1000, 10,000 and obtained up to 17,000. Each of those prices has been considered an impossible goal at some point in the past, and all of them have nevertheless happened. And the same thing happened every time: every Bitcoin enthusiast ended up wanting to enter the market first.
Bitcoin has shown an extraordinary capacity for recovery. He has had four sets of serious bears in the last ten years, and has come back with a vengeance that reaches unsuspecting heights every time.
You must also take into account that the encrypted market is still in diapers. It is still ripe. Adoption in the mainstream is happening all over the world, but it is not high enough for the market to respond to usability and to the economic principles of the real world, but it is still driven by speculative pressures. This will happen with the maturation of the market and will change the game not only for Bitcoin but for everyone, as it will drive the demand and the value of the market.
So, BTC will exceed one million points by December 2020? We think it will. But we are not your financial advisors, so you should do your research and homework so that you can properly decide if this is a good time to enter the market or Hodl Bitcoin you already own. Just remember that this is a market in which rational players and patients will win big, and speculators who make intestinal decisions will lose heavily. What kind would you like to be?
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Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and its affiliated companies, employees, writers and subcontractors are cryptocurrency investors and may from time to time have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
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