Technology leader John McAfee made a bold prediction saying that the market will turn before June 12. Yes, he made the prediction during the time when all major cryptocurrencies are down. He predicts that Bitcoin is going to surpass $15,000 by June before it dips again on July.
He also gave a prediction that Bitcoin private, the “merge-forked” Bitcoin and Zclassic, to hit $200 by the end of July. Bitcoin Private came into play in March which is a fork from Zclassic. On the other hand, Zclassic in itself is a fork from Bitcoin therefore it is seen as a “fork of a fork of a fork”.
EOS is also expected to jump to $32 by the end of July. That is after EOS was able to get the 5th spot from Litecoin n the top cryptocurrencies based on market capitalization.
The Interest of Institutional Investors
John McAfee believes that institutional investors are soon going to enter the cryptocurrency market. He argues that it will spark the next leg of the rally. He mentioned that “institutional investors are preparing to enter the cryptocurrency market with a vengeance”. He added that “They are generally long term investors and will be pumping billions into the market. Expect the top ten coins to go through the roof fairly quickly. The bulk of alt coins will soon follow”.
Is he correct in this prediction? Coinbase has the same opinion as McAfee. In fact, they are already catering products that are meant for these institutional investors. There are also other businesses today that are doing the same such as Deutsche Boerse.
Ironing Out Regulatory Uncertainties
One of the things that worry many investors is the regulatory changes. In fact, in 2018, regulatory changes triggered a bearish trend for many cryptocurrencies. These days, US Department of Justice is looking into the possibility of market manipulation in the cryptocurrency market. In fact, this isn’t the first time that they are doing this. Commodity Futures Trading Commission announced on February that it is going to provide rewards for whistleblowers who will give any information regarding pump-and-dump schemes.
This is the same sentiment by Tom Lee. Tom Lee earlier predicted that there will be bullish trend right after the Consensus 2018. Unfortunately, what transpired after is the opposite. And now, Bitcoin is trading below $8,000.
Can’t Stop Bitcoin
If you will ask CEO and Founder of Bebuzee, Joe Onyero, he believes that big banks can’t stop Bitcoin. And that is even if they go and have their own blockchain. He believes that though cryptocurrency will never replace fiat money, banks are afraid to “ignore cryptocurrencies and face being left behind”.
Kelly Tyler who works as Chief Commercial Officer and CEO for A7 Core believes the same thing as Onyero. He mentioned that “change is coming”. He added that “I think banks can feel it. Some of them would like to stop it, but it is like trying to stop the mounting waves of the ocean”.
Considering these predictions, is now the best time to invest in Bitcoin and other cryptocurrencies? Should people actually start buying low today?