If someone has been enjoying the BTC rally going on sine early April, today you are probably not that exited about the market conditions since the bears seem to be getting stronger. The BTC exchange rate has dropped and is not trading around $10000 per coin, Market Leader reports.
The bears started attacking on Sunday and eventually made the exchange rate drop below $10000 per coin, for the first time since July, 2nd. However, it seems that the pessimistic market signals haven't discouraged the most committed bull of the BTC market. As soon as the market crashed, John McAffee resumed writing his famous posts in Twitter. Even though the rule of thumb for investors is to avoid playing against the market, the famous creator of antivirus software started expressing his discontent with those who started selling their Bitcoin assets during the market correction phase.
Million Dollars Per Coin By 2020
McAfee abused those investors for being afraid of the market correction, which is something natural for any financial market. He reminded them of the parabolic nature of the BTC exchange rate over the last few months.
Despite the current retracement, McAfee is still convinced that the exchange rate is going to skyrocket all the way up to one million dollars per coin by the end of 2020. Yet, he is not the only big-scale BTC investor who isn't afraid of the current market retracement.
PlanB, a popular crypto-analyst, tweeted interesting research results, which indicate that the BTC rate is probably going to hit $100K per coin after the prize lotter for block mining in the cryptocurrency network. This is going to happen in 2020. He also accepts the idea of BTC reaching one million dollar per coin, but in 2024, and may be even 10 million dollars per coin by 2028.
Do You Belive In Those Forecasts?
At the the end of the day, we suggest making well-thought-out investments. Whatever investment decision you make, please always keep in mind that Bitcoin is a payment means in the first place (at least it's meant to be it).
However, if you are already investing in Bitcoin, you should always thing long-term and remember about the parabolic nature of the market moves, FortFS experts remind.
In the mean time, 10 other biggest cryptocurrencies have been following Bitcoin, which is something we shouldn't be surprised with. All in all, the market lost over 20 billion dollars of market cap over the first 24 hours of the market correction.
