Bitcoin rose aggressively on Wednesday, registering its highest price levels since early November. Bitcoin recorded a further spike in prices during the Asian session, as it moved from $ 9,100 to $ 9,439 level, which led to a new spike in this new bullish track.
Although, in a fascinating development, the debatable and well-known, John McAfee slandered Bitcoin by referring to the crypto as the “true shitcoin”. The Bitcoin sphere is exacting to get around what may be the heart of one of Bitcoin’s most iconic campaigner and extremists.
McAfee on one occasion forecasted that Bitcoin may increase to $ 1 million by year-end of 2020 while rectifying its earlier prediction of $ 500,000 million.
In his recent tweet, it seems that the American presidential candidate has changed his forecast, expressing that the projection of the digital asset is in altcoins. In his tweet, he concludes that Bitcoin does not contain any use case including insecurity, smart contracts, and decentralized apps.
However, hearsay throughout the crypto sphere is that McAfee has had a heart change ascribed to the anticipated presidential election, which he is presumed to get involved.
Top Analyst Prediction Aligns With John Mcafee’s Recent Statement
Senior analyst Stephen Perrenod lately indicated that Bitcoin (BTC) trading capacity of $ 1 million or higher in the 2020s is almost impossible. Perrenod analysis provides a dose of alignment to those who have changed their stance towards predicted stratospheric BTC price levels like John McAfee.
Stephen Perrenod initiates a fresh model, Future Supply model, to predict bitcoin price in the long run.
Perrenod observed that the popular Stock-to-Flow model presented by PlanB is a key indicator of BTC price but is fundamentally different. In other words, the model is completely unrealistic in predicting the long-term BTC price. For example, S2F anticipates the price of bitcoins to exceed $ 1 trillion by 2050.
However, the Future Supply model sets in at this stage just as the Stock-to-Flow model anchors only on bitcoin’s scarcity, this model takes into account the residual supply of the asset as well as its rarity. Using the best of the parameters, it proposes that Bitcoin will achieve a close market cap of $ 1.63 trillion and a similar price of $ 77,538 a decade from now.
Image credit: Stock Photo Secrets
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