Bitcoin (BTC) Predictions Decimated as $5k Breached, But Not Everybody Was Wrong
As Bitcoin crashed catastrophically below the critical support point of $5,000 today, thousands of optimistic believers have had their hopes and dreams crushed. For those sitting quietly on the sidelines, this often equates to only a financial loss, but for those in the limelight, it can often mean a serious loss-of-face.
Clown-like pseudo-celebrity and presidential hopeful John McAfee is probably the most famous outspoken voice in Bitcoin price predictions. The one-time founder of the popular computer virus software by the same name, McAfee is infamous for saying he will eat his own dick on national television if Bitcoin doesn’t reach $1 million in value by the end of 2020. While it’s possible his prediction may still come to fruition, the current market certainly isn’t giving any signs of such. If I were him, I’d start researching what flavor of humble pie goes best with male genitalia.
Fudstrat’s Thomas Lee recently reiterated his prediction that Bitcoin would hit $25,000 by year-end, a level which increasingly seems unlikely – BTC has now fallen by 25 percent since the Bitcoin Cash hash war commenced last week, stripping the cryptocurrency market of over $60 billion.
Some got it right
Some of the more level-headed members of the crypto community, including BitMEX’s Arthur Hayes, have had better results from their crystal balls. In July this year, the former Deutsche Bank and Citibank trader publically stated that he believed Bitcoin was likely to test $5,000 before reaching the bottom. Today that prediction has come true, with BTC dropping to $4,800 and further losses expected.
After the shocking declines in early August this year, Bloomberg intelligence analyst Mike McGlone stated that he believes Bitcoin may revisit last year’s mean of $4,000 before finding support. With BTC sitting around $6,500 at the time, his insight was brushed off as negative. Now, however, it seems more than likely.
The ongoing Bitcoin Cash hash war has sent cryptocurrencies markets way out of range and left technical analysts scratching their heads. With no clear consensus on the horizon, one can only wonder if Dr. Craig Wright’s threat to take BTC to $1,000 wasn’t so empty.