John McAfee’s prediction of Bitcoin seems to be based on the performance of BTC in 2013-2014.
Recently, while predicting the price of Bitcoin, John McAfee claimed that Bitcoin will reach the point of $1 million in the year 2020. Now it is believed by some experts that this bitcoin prediction of McAfee may be based on the 2013-2014 bull market.
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What happened in 2013-2014 bull Market
In the bull market of 2013-2014, the world’s leading cryptocurrency developed its price with a strong bullish trend.
At that time, the value of Bitcoin moved up from the figure of $100 and reached the bullish point of $1,030. It was the first time that bitcoin showed such performance by entering its price in the four-digit number.
What Reddit Thread says
A Reddit thread also supports this argument and says that the Bitcoin chart resembles this prediction.
u/CMIH says in the Reddit thread:
So John McAfee may actually be on to something with his 1 Mil prediction if BTC follows the ’13-’14 Bull Market Gains (which its resembling currently more than the ’15-’17). Transposed that upswing to now and 1 Mil it is.
Source : Reddit
Mt. Gox activity triggered the 2013 BTC Rally
In the year 2013, bitcoin price had seen a bullish rally. This was actually the result of Mt. Got activity.
The Japanese exchange was closed after this at the end of 2013. And this resulted in a decrease in the price of bitcoin in 2014 and BTC once again came down around $200 level.
But the performance of Bitcoin in the 2019 market is not good. Bitcoin rally is heavily depending on the stablecoin Tether (USDT) and on several exchanges.
John McAfee is still holding its claim and tweets that rumors of Bitcoin’s death have been extremely exaggerated.
Rumors of Bitcoin’s death have been greatly exaggerated:)
— John McAfee (@officialmcafee) October 27, 2019
In short, the point is that if the pattern of the 2013-2014 bull market repeats itself again, then the price forecast of John McAfee may prove right and BTC may reach the $1 million mark.