You probably will think John McAfee has lost his mind with his predictions. Firstly, a $1 million BTC price, now $2 million before the end of 2020. However, taking a critical look at things fundamentally, some few factors may drive his prediction to come about.

John McAfee, who’s so sure of his prediction has in the past said he would feed on his genitals on national TV if it didn’t come to pass. In his recent forecast, Mr. McAfee, who’s undoubtedly convinced of his position said;

“If Bitcoin is less than $2 million by the end of 2020, then mathematics itself is a flawed disappointment.”

Nevertheless, here are a few factors that could see John McAfee’s outrageous prediction come true.

#1. 2020 Bitcoin Halving

The 2020 bitcoin halving is probably the most anticipated event for bitcoin holders investors. The event, slated for May 2020 would see bitcoin’s reward slashed into two – from its present 1,800 daily rewards to 900. When this happens, it’s expected that the value of bitcoin rises drastically as the asset becomes more scarce.

#2. Global Recession

Countries such as Venezuela is on top of the list of those facing economic turmoil. This situation leaves its citizens looking for a better option – a way to preserve their wealth from drastically declining in value.

It has led to a lot of people seeking refuge in bitcoin. However, Venezuela isn’t alone in this, and if more countries join in, the value of bitcoin could rise exponentially.

#3. Institutional Investors

Another factor that could propagate bitcoin’s adoption would be when Wall Street fully takes an interest in bitcoin. At the moment, things are starting to light up from this angle. Bakkt’s launching, though having a sluggish start, without a doubt has begun to receive some attention from institutional investors.

As reported by ZyCrypto, there was a glimpse of interest from institutional traders when trading volume on the Bakkt exchange reached 224 BTCs on Wednesday, 9th October 2019. However, a full adoption by these investors is expected to give bitcoin’s value a considerable boost.

#4. Bitcoin’s Scarce Nature

Bitcoin is scarce by design. There are only 21 million of it that will ever be. Unlike fiat, where millions are printed periodically, the world is literally fighting to have a piece of the bitcoin pie. It means having it at any price. This demand would, therefore, drive bitcoin price high, several percentages.

While all the above mentioned are true factors that may drive bitcoin adoption, and its price high, a $2 million price prediction for Bitcoin may seem like an over-exaggeration. However, only time would tell as the world watches events roll by.

Let us know what you think in the comment box below.

The post John McAfee Doubles Down On His $1 million BTC Price Prediction. This Time Raising The Bar, Predicting $2 million Before 2020’s End appeared first on TechCavit.

Time and again, several members of the XRP community have opined that the massive dump of the crypto asset in the market has impacted on its price, negatively. Now, there are speculations for another dip in XRP’s price. The latter is after Whale Alert informed on September 7, 2019, that 100 million XRP tokens have been transferred to Jed McCaleb, Ripple’s co-founder. 

Ripple Sends XRP Worth About $26 Million to McCaleb’s Wallet

According to Whale Alert, Ripple transferred 100 million XRP valued at $26,322,440 to Jed McCaleb’s wallet. The transfer has led to the sentiment in the crypto space that XRP might tank below its $0.262 price today. Also, the opinion is due to McCaleb’s reputation for dumping huge amounts of XRP in the market.

McCaleb is Ripple’s co-founder, and in 2014, Ripple transferred 9 billion XRP to him as his share for founding the company in 2012. However, the blockchain company entered a seven-year agreement with McCaleb to control how much XRP he can sell in the market yearly.

Per the agreement, the co-founder could sell $10,000 worth of XRP per week in the first year, $20,000 per week in the second, third, and fourth years, and “750 million XRP per year for the fifth and sixth years.” In the same vein, he could choose to dump 1 billion XRP yearly for the seventh year, and 2 billion XRP yearly after the seventh year.

McCaleb’s Dump of XRP Impacts of Asset’s Market Price

Given that this is the fifth year since the agreement was made, McCaleb can choose to dump thousands of XRP tokens daily. In 2014 when he announced his plans to sell a significant part of his XRP holdings, the value of the asset declined by 40%. As such, the continuous dump of the asset has also been pointed out as one of the reasons why it is not spiking like other top cryptocurrencies.

Asides from being reputable in the XRP community, McCaleb is also a name associated with Mt Gox, one of the first cryptocurrency exchanges. He founded the platform and sold it off years before its hack. Similarly, McCaleb is the creator of Stellar (XLM), the 11th largest cryptocurrency by market cap.

Nonetheless, the crypto community has aired its views about the potential for McCaleb to release another share of XRP to the market. Crypto BitLord, for instance, said: “Wow. Another cool $26M Jed can unload at market. This shits out of control.” Another remarked that: “know, right?! Private businesses shouldn’t be allowed to exist. The name “Jed” should be banned.”

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Bitcoin’s price may have stabilized for the past few days, but it seems the whales are up to something. On September 6, 2019, Whale Alert, a platform that monitors large crypto transfers informed that an individual has moved $1 billion worth of Bitcoin to a single wallet. The massive transfer has caused a wave of anxiety in the market that a dump could be pending.

94,504 BTC is Moved to an Unknown Wallet

According to Whale Alert, 94,504 BTC valued at $1,018,147,922 was transferred today, from an unknown wallet to another wallet. A review of the wallet that made the transfer showed that its funds were accumulated before being moved to the recipient.

Hours after the massive transfer, the crypto community is still on its toes trying to ascertain what the individual is up to. Comments made on Whales Alert’s tweet threw more light on the transaction. Alex Krüger, for instance, remarked that this is the largest Bitcoin transfer from a non-exchange platform, and the funds could be on the move.

Crypto Community Opines Bakkt Customers are Moving Funds 

Other members of the community opined that the transfers could’ve been made by clients transferring their Bitcoins to Bakkt, a Bitcoin futures platform. In their opinion, Bakkt had announced earlier that it would allow customers to move their Bitcoin to its cold storage starting from today, September 6, 2019. As such, the recent whale transfers and the said event could be closely related.

There were, however, others in the space who found the thought of over $1 billion worth of Bitcoin being sent to a wrong address hilarious. If that were the case, it would’ve meant the individual behind the transfer had just lost their entire holdings since Bitcoin transactions are irreversible. 

$600 Paid as Fee for Billion Dollar Transaction

These aside, it was also noted that only $600 (0.06 BTC) was paid as the transaction fee. Given that a billion was sent but it only attracted a few dollars in fees, several members of the space pointed out how remarkable that was.

On the other hand, the sender seems to be covering their footprint since efforts to track the payments from the sending wallets is proving a challenge. A crypto user, for instance, said:

“I don’t know how many of these “mixing wallets” there are. Every single tx I follow leads to a new one. Someones trying to hide these coins, that’s for sure. All of them look like they are still active today.”

Nonetheless, these wallets will still be monitored closely in a bid to ascertain if the sender’s motive is to dump the BTC in the market, which could tank the asset’s price. 

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A lot of crypto analysts seem to have taken a bullish stance on Bitcoin despite the asset’s recent decline in its price. One of such is Peter Brandt, a veteran trader who said on September 1, 2019, that Bitcoin has entered its fourth parabolic phase. As such, the cryptocurrency could set another record, rallying to a new all-time high soon.

Peter Brandt’s Past Predictions

Peter Brandt is popularly known for his forecasts and has gained the interest of many traders as some of his predictions have come true in the past. For starters, he correctly predicted an 80% dump in Bitcoin’s price in January 2018, and it turned out to be the case by the year’s end. The iconic trader also forecasted a bull run in April, and by June, Bitcoin spiked to its year-to-date high of $13,796.

Of recent, Brandt also opined that Bitcoin has entered its fourth parabolic phase, which could do a lot of good for the crypto market. A phase, of this nature, could potentially take Bitcoin’s price beyond its present all-time high of about $20k. How high? One may wonder, it could be towards the $100,000 he says.

Raoul Pal Says It’s Now or Never

Brandt’s tweet was also linked to that of Raoul Pal, CEO of Global Macro Investor and Real Vision Group. According to Pal, a wedge pattern has just been exhibited in the Bitcoin short term chart. Moreover, it is not just any wedge, but one that has shown a high potential for success in the past.

Pal further remarks that this may be the last time for those who do not have Bitcoin to dive into the market. In his opinion, there could be a rocket in Bitcoin’s price soon; a prediction that is similar to that of Brandt’s.

Crypto Twitter Objects

On the other hand, some members of Crypto Twitter who made comments were in disagreement with Brandt’s and Pal’s opinion. These individuals remarked that the wedge pattern which Brandt and Pal spoke of is a pennant. A pennant, in their opinion, is a signal of a major dump in price in a crypto asset.

Despite the contrary views, there is still a high chance for the fulfillment of Brandt’s prediction. For beginners, Bitcoin’s halving in May 2020, which will reduce the amount of Bitcoin’s supplied to the market, could help to surge its price significantly. PlanB, for instance, had predicted in March that Bitcoin could rise to $55,000 after its halving in May 2020.

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“Ripple Inc. is manipulating XRP’s price,” a notion held by several members of the crypto community. Now, the XRP army is pleading with Ripple Inc., the blockchain company behind XRP, the third-largest cryptocurrency, to stop dumping the crypto asset in the market. In their opinion, scarcity will help drive XRP’s price even above its all-time high.

XRP Proponent Files Petition Against Ripple Inc.

Crypto Bitlord, an XRP proponent, began a petition against Ripple on the platform change.org. The petition has already been signed by 2,342 people with a target to hit 2,500 and even 10,000. According to Crypto Bitlord, Ripple needs to stop dumping billions of XRP into the crypto market because it has significantly crashed the crypto asset’s price.

Furthermore, XRP’s dump in price is happening even in the face of the blockchain company’s partnership with major banks and financial institutions. Thus, this shows that more XRP being pumped into the market has not done its price any good, which Ripple needs to stop.

Ripple’s Report Shows Series of XRP Dump to the Market

Crypto Bitlord was also quick to tie their comments to certain reports disclosed by Ripple. For instance, Ripple released its second-quarter report, which shows that it had sold a total of $251 million worth of XRP in the quarter alone. While XRP worth $106.87 million was sold in direct institutional sales, XRP worth $144.64 million was sold in programmatic sales. 

The crypto enthusiast also said:

“XRP is a solid coin with major potential, but this needs to stop! Now imagine a world where those coins aren’t dumped… where the buyers get to buy without dumping and price suppression.”

Some of those who signed the petition also gave reasons why they did so. A user, for instance, said they have been holding XRP for the past two years. However, while other crypto assets have surged in price, XRP has been stable. “Definitely there is a conspiracy,” the user said.

Peter Brandt Says Ripple Has Been Manipulating XRP’s Price

Prior to this time, certain members of the crypto space had opined that XRP’s price is being manipulated. Peter Brandt, a professional crypto trader, said on August 14, 2019, that the chart pattern on how XRP is distributed reveals that Ripple has manipulated its price to maintain its support. Brandt also remarked that XRP could tank to $0.020725 if care is not taken.

XRP, on the other hand, is currently valued at $0.268 and has been struggling between the $0.25 and $0.28 range in the past few days. The crypto asset’s price today, is a 93.02% decrement from its all-time high of $3.84 on January 4, 2018, according to Coinmarketcap.

The decline is significant, especially when compared to Bitcoin, which is 49.34% away from its all-time high of $20,089.

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A Bitcoin whale is outrageously confident that Bitcoin will dump below $8,000 this August and they are betting a whole 10 BTC for it. However, the crypto bear is betting against, Changpeng Zhao, Binance’s CEO who, on the contrary, said anyone who sold their Bitcoin below $10,000 needs to slap themselves.

Changpeng Zhao Says “Do Not Bet Against Bitcoin”

In a tweet on August 1, 2019, Changpeng Zhao said anyone who gave away their Bitcoin while it was looming below $10,000 needs to slap themselves. According to Binance’s CEO, the slap is to serve as a reminder for next time. CZ also made another tweet on August 5, 2019, stating that no one should bet against Bitcoin.

Kra₿₿y, a Bitcoin whale who was among the hundreds of people to comment on CZ’s tweets, had something different to say. The crypto enthusiasts said they disagree entirely with CZ’s opinion, and as a matter of fact, they are willing to dish out 10 BTC to CZ if Bitcoin does not retrace below $8,000 this month.

Crypto Community Remarks on Whale’s Bet Against CZ

Kra₿₿y’s remarks were enough to draw the attention of the crypto community as to who could be confident enough to bet against Bitcoin’s potential price surge soon. Moreso, who could place 10 BTC currently valued at about $117,000 for an asset that is quite volatile and whose performance can only be predicted to a certain level of accuracy.

Those who made comments pointed out that Kra₿₿y will quickly lose because, in their opinion, Bitcoin can only go higher from here onward. Others remarked that even if there was a retrace, it wouldn’t be below $8,000 which the Bitcoin bear has predicted. There was also a class of users who’ll rather have the whale donate 10 BTC to charity instead of CZ who they claim “is already too rich.”

Crypto Whale Explains How Bitcoin Will Decline to $8,000

A closer look at Kra₿₿y’s twitter timeline shows an analysis of how Bitcoin will possibly dump below the price level he has predicted. According to him, Bitcoin is ready for a massive retracement very soon, and “Tomorrow’s daily candles will be RED.”

In a tweet on August 4, 2019, said:

“#Bitcoin August Analysis: $BTC will fail to break next resistance! 1. What will happen instead is we will reject it, then nose dive to the 7.5-8K Range. 2. We will likely re-test 9K~ around the middle of August. 3. Final dip to the yellow line. (buy there).”

Bitcoin, on the other hand, is trading around the $11,700 zone as at press time. CoinMarketCap’s platform also shows that as at 11:14 UTC +01:00 today, Bitcoin surged to $12,273. However, the price level was not maintained given that there was a sharp decrement to $11,812 barely an hour later.

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