Bitcoin is recently making swift run from the bottom, ready to overrun resistance levels in its course of recovering the huge deficit it incurred some weeks ago. BTC price lingered without its usual display of high volatility lately, which boosted the hope of a parabolic movement as signaled by the trend of the asset at press time.
The recent price uptrend has prompted John McAfee, the famous crypto pundit and investor, to reassure doubting investors about the certainty of long-term steady growth of the cryptocurrency in the present rally.
Bitcoin is presently enjoying a heightened uptrend tempo in the market, after a long stagnancy that was envisaged to end in significant rise of the asset. BTC is now trading above $11,500 resistance level.
With the present tempo Bitcoin is maintaining in the market at press time, the cryptocurrency might be testing $12,000 mark anytime soon.
None of the top 10 cryptocurrencies is presently replicating the recent upward trend of Bitcoin. This is an indication which shows that virtually all altcoins would fail to reach their respective peaks once BTC attains its all-time high price – $20,000.
Despite this convincing increase in Bitcoin’s price, some cryptocurrency analysts still maintain their stands that the present increase is mere bubble that would end with another price nosedive, due to BTC’s lacking in volume.
The impact of criticism directed at Bitcoin and other cryptocurrencies by the United States government in recent time was attributed to the discouraging downtrend which the digital currency underwent, especially when Donald Trump directly attacked the functionality of digital currencies by citing the danger they seemingly posed to his country and world at large.
Bitcoin has since been recovering from the side effect by gathering enough agility to break more challenging resistance levels. At the time of filing this report, BTC is trading at $11,712.41, with relatively 9% price uptrend in the last 24 hours.
John McAfee reiterates His Stance about Long-term Growth of Bitcoin
John McAfee, the cyber security Guru and Bitcoin enthusiast is well-known for his ridiculous prediction of $1 million BTC price by the end of 2020. He has stood his ground times without number, claiming that the mathematical formula behind the growth of Bitcoin will not fail.
McAfee has again come out to reiterate his assurance about the long-term growth of the largest cryptocurrency by market capitalisation, Bitcoin, in the middle of the recent price increase.
In his tweet, he stated that the price of Bitcoin has been experiencing quite notable fluctuation, but he specifically clarified that BTC’s long term steady growth is apparent.
Recalling Donald Trump’s taunt, who tagged Bitcoin as “Thin Air” some weeks ago, he said this present price increase possesses energy and real substance, which unreservedly nullifies Trump’s negative thought about BTC.
BTC waking up again. Up and down but long term steady growth is apparent. The "Thin Air", as @realDonaldTrump calls Bitcoin, appears to have an energy based on some real substance. pic.twitter.com/3jSRlFbZS2
— John McAfee (@officialmcafee) August 5, 2019
Conclusively, the trend that Bitcoin is maintaining could lead it to breaking $12,000 resistance level. Howbeit, this depends on how long it’s able to maintain the notable price increase.