Bitcoin has been experiencing a notable price correction for the past few hours. How long and much it would drop below is still unknown. Bitcoin was on the course to breaking $14,000 resistance levels, but has presently dropped farther below. Though the hope looks tainted as it dropped below, but, John McAfee believes BTC is unstoppable.
The recent magnificent price dump of Bitcoin (BTC) was rumoured to have been initiated by the server shutdown of Coinbase. However, the exchange is now up and running, but the price dump still continues.
The surging rate of Bitcoin was so significant for about four days. This price soar took it beyond $13,500 and closer to breaking $14,000 resistance level, before it started plunging below.
Crypto pundits only speculate on the possible cause of the price plummet, but it was earlier foreseen that BTC price has to correct a bit before it could sustain its growth once it attains greater price highs.
Anthony Pompliano also stated in the article he published about two days ago that the journey of Bitcoin to notable prices will not be quite smooth.
Bitcoin (BTC) is still changing hands below $12,000 resistance level. At the time of filing this report, it is trading at $11,906.04, with 5.29% price drop in the last 24 hours.
McAfee Says Bitcoin’s Present Growth is a Little Compared to What Is Coming
John McAfee, the famous Software Guru, and Bitcoin maximalist is still on his significant price prediction of BTC. He had once predicted $1 Million for Bitcoin.
McAfee reaffirmed his stance on his prediction, claiming that he’s a naturally talented mathematician. He then pointed that it’s mathematically certain that the present Bitcoin (BTC) growth cannot be compared to the forthcoming Bull Run.
He said “You think this is explosive growth? LMFAO! Just wait. My only only real talent is math, and it is a mathematical certainty that the growth you are seeing is a yawn compared to what’s coming.”
Tom Lee Says $20,000 Just Don’t seem Too Far Away
Tom Lee, Co-founder at Fundstrat, is a popular Bitcoin enthusiast. Some months ago, he predicted that the digital currency will attain a notable price hallmark by the end of 2020.
Lee recently pointed that BTC is very close to surpassing $20,000 resistance level, stating that its rise is proved by the improved activities on Blockchain and healthier fundamentals.
He said “Bitcoin surge impressive. Prior highs of $20,000 just don’t seem too far away. Does it? Rise is justified by healthier fundamentals, improved activity on blockchain, inflows from new to crypto.”
In conclusion, Bitcoin might have experienced a bit downtrend lately, but it’s beginning to stabilise, and seems ready for a new move to the top. The volatility nature of BTC could send its price up or down within minutes. This nature is sometimes beneficial or otherwise, depending on the trend it follows.