John McAfee returned to social media after an absence caused by a life-threatening attack that left him unconscious for three days.
After explaining what happened, he spoke about the behavior of the cryptocurrency markets, calling for calm to people who have pessimistic opinions about low prices.
According to McAfee, it is essential to “get real” for a moment and contrast the overall behavior of Bitcoin over time:
For John McAfee, Bitcoin’s behavior is still bullish, which could make it possible to predict a recovery in its prices. Starting one year ago, Bitcoin prices increased by around 140%.
Previously, John McAfee made a short-term prediction, talking about a value of 15k by the end of June. This prediction is unlikely to be met unless some extraordinary event happens.
Although McAfee doesn’t usually talk about short-term predictions, he ventured to do so, mentioning that it was based on a mathematical model that was not wrong until then.
In addition to talking about the behavior of Bitcoin, the predictions about other altcoins still have a month to be fulfilled; however, the current market trend has taken a bearish course in the short term.
John McAfee: Investing in the Future
John McAfee has always distinguished between different types of traders. For him, the variations that Bitcoin may undergo in hours or days are not as important as the global adoption and long-term behavior of a blockchain and its token.
This strategic vision of the future has made him one of the most influential personalities in the world of cryptocurrency. His controversial statements generate a lot of debate, but they tend to have a solid foundation.
McAfee’s forward-looking vision led him to predict that Bitcoin could be worth as much as $1 million. This may seem unlikely today, but it takes another perspective when compared to the exponential growth of 2017.
Current indicators show that the BTC is currently going through a defining moment, at least in the short term. While the RSI is giving signals for buying and accumulating, the MACD is not providing a clear signal that the trend is changing:
Heikin Ashi candlesticks -used to reduce “noise” and determine possible trends- show at least a possible bearish behavior in the next few days; however, the trend is getting weaker, especially when comparing the graphs with other candles set at less than 4 hours.
McAfee is right to criticize the use of short-term analysis as a way to predict Bitcoin’s long-term behavior. It’s possible his prediction may have failed, although it may be that he just needs a little more time.