John McAfee has earned himself quite a reputation in the cryptocurrency community for his outrageous predictions about the price of Bitcoin (BTC). He has previously predicted that the price of Bitcoin will reach $1 million at some point in the future. However, his latest prediction which claims that the price of the cryptocurrency will reach $15,000 by June is a bit more reasonable.
McAfee believes that the price of Bitcoin will surge above $15,000 next month although he predicts that it will then drop the next month after that. He revealed his prediction through a tweet. This is the first time that McAfee is making a short-term prediction which is interesting considering that his previous predictions about Bitcoin usually focus on the long-term. He even pointed it out in his statement that he does not usually make short-term predictions but that this is a special occasion.
Based on his statement, McAfee seems very seems quite sure that his prediction will come true. He uses algorithms for his predictions and claims that the algorithms have never been wrong. That being said, his prediction about Bitcoin being valued at more than $1 million by 2020 seems rather outlandish.
McAfee’s short-term prediction for Bitcoin seems more attainable especially because the cryptocurrency has surpassed that price in the past. Therefore, it does not feel as far fetched as the prediction for $1 million by 2020. If the algorithms are reliable, then the price of Bitcoin should double.
Bitcoin has performed poorly over the past few months
The cryptocurrency has for the last few weeks been struggling to cross the $10,000 mark with the bears prevailing. However, the performance of the cryptocurrency historically improves during the second half of each year and so the same is expected to happen in 2018. A surge in the price of the cryptocurrency has been heavily anticipated.
McAfee previously predicted that Bitcoin Private (BTCP) will soon surpass Monero (XMR) as the most used cryptocurrency in the dark web. He claims that he expects the prices of these currencies including Bitcoin to surge due to growing demand from institutions.
Disclaimer: Nothing in this article should be construed as financial advice in any way, nor as an encouragement to engage in cryptocurrency trading activity. This article was not sponsored by any entities or companies mentioned in the article. The only purpose of this article is to inform/educate on the topics discussed in the article.
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