The price trend of Bitcoin has consistently been coupled with major surprises. The latest it unleashed played out few hours ago, after BTC nosedived to $9,300 price region from around $10,200 price level.
This scenario obviously initiated panics among investors and traders in the crypto space. On this note, popular cyber security guru and cryptocurrency enthusiast, John McAfee recently hit the Bitcoin downtrend cowards, by playing down the tension of BTC trading below $9,500 price level.
Bitcoin Loses Major Support Levels to Trade below $9,500
As usual or better still, as predicted and reiterated by some cryptocurrency analysts, Bitcoin has unraveled yet another major price action surprise. Its recent significant downtrend is quite noteworthy, and enough to initiate panics among BTC and crypto faithful fans.
For a number of days, Bitcoin was lingering around $10,000 price region, with less volatility in play – there were obvious expectations that the next move of BTC price would be devastatingly unfavourable or greatly favourable.
However, the bears won the struggle eventually after long expectation of upside trend, probably to aid it to break above challenging resistance levels. Few hours ago, Bitcoin shockingly lost about $700 in quick succession, aiding it to test monthly price lows.
Bitcoin is presently trading below $9,500 resistance level, and the largest digital currency by market capitalization could still experience more price plummets if we must go by some analysts’ opinions on its price trend. At the time of filing this report, BTC is trading at $9,472.93, with relatively 6% price drop on 24 hours basis.
John McAfee Plays Down the Tension of Bitcoin Trading Below $9,500
John McAfee, the famous cryptocurrency enthusiast and commentator has recently hit Bitcoin traders and investors that have started panicking after the price of BTC nosedived to trade below $9,500.
His recent tweet that has since attracted tons of comments and reactions was meant to play down the tension which the latest downtrend of Bitcoin’s price might have caused amidst cryptocurrency pundits. “Bitcoin under $9,500. If you are panicking, you are a fool.” John McAfee reacted.
Prominent Bitcoin’s Price Prediction of John McAfee
John McAfee is well-known with his seemingly outrageous prediction of Bitcoin attaining $1 million by the end of 2020. He has consistently stood his ground while defending the literally and technically impossible prediction.
Considering the present growth of Bitcoin, such exorbitant price forecast for BTC is a long way to go. The time interval is another factor to consider. However, McAfee has times without number leaned his prediction on mathematical formula, on which he claimed Bitcoin’s price has been riding since inception.
Situation of other Cryptocurrencies in the Market
As expected, other cryptocurrencies, especially the top 10’s have also been plummeting to replicate the growth trend of the king of coins, Bitcoin.
Over the last 24 hours, other top 10 cryptocurrencies, except Tether (USDT), have experienced at least 5% price decrease. More price drops for BTC could end the top altcoins in a devastating situation, due to the sovereignty of Bitcoin over other digital currencies in the market.