Last week, the Bitcoin price all of a sudden dropped by more than $1,000, losing around 10 percent and then another 5 by the end of the week.
At press time, BTC is sitting at $8,255 as opposed to trading slightly under $10,000 last Tuesday morning.
However, Bitcoin bulls are not putting their hands down and keep trying to persuade the community that this is just a slide before BTC goes to the moon.
John McAfee stands by his $1 mln forecast
Recently, the world-famous crypto bull and a US presidential candidate John McAfee confirmed his previously made prediction that by the end of 2020 the Bitcoin price will hit $1 mln.
German government-backed bank predicts $90,000 per BTC
BayernLB, a bank located in Munich, issued a report the other day. In the document, the research team says that the upcoming BTC halving has not been priced into the current Bitcoin price.
If the May 2020 stock-to-flow ratio for Bitcoin is factored into the model, a vertiginous price of around USD 90,000 emerges. This would imply that the forthcoming halving effect has hardly been priced into the current Bitcoin price of approximately USD 8,000 (the current model value is roughly USD 7,500).
Tim Draper: $250,000 could be a conservative prediction
Recently, the well-known investor and a Bitcoin supporter, billionaire Tim Draper, stated that his previous forecast in which BTC hits $250,000 by the end of 2022 is rather conservative.
$250,000 means that bitcoin would then have about a 5% market share of the currency world and I think that may be understating the power of bitcoin.
‘Crypto Godfather’ on Twitter: ‘Bitcoin will hit $20K and more again’
The most modest of these predictions was made by the ‘Crypto Godfather’ user on Twitter. He believes that Bitcoin will reach $20,000 and that the community needs patience.