READ LATER - DOWNLOAD THIS POST AS PDF

In the words of John McAfee, the price of Bitcoin (BTC) has increased by more than $1,000 in one week. Many have speculated if this could be the beginning of the much anticipated Bitcoin Bull market. Others have labeled it asanother Bull trap. We have been victims of Bull traps before and we have celebrated an increment in the value of BTC, only to see it once again decline in front of our eyes. We have even speculated the possibility of Bitcoin manipulation.

But John McAfee reassures us that the Bitcoin Bull market IS coming in the following tweet.

McAfee is right in that on Sunday, the price of BTC was hovering around the $6,400 mark. Three days later, on the 18th of July, the same BTC is currently trading at $7,444 and looks like it will continue gaining into the weekend. In the last 24 hours, BTC has gained by an incredible 10%.

Historically speaking, and looking at the price of Bitcoin at exactly one year ago, we find that BTC was valued at around $2,500 last July. This price would gradually increase as the months passed and as we approached the holiday season last year. Around Thanksgiving last year, BTC was valued at $10,000 indicating a percentage increase of 300% from July levels.Taking this figure of 300%, we can, therefore, predict that by the time we get to Thanksgiving this year, BTC will be valued at around $29,600 (7,400 x 300% + 7,400).

The price of BTC would then peak to $20,000 on December 17th right before BTC Futures started being offered by the CME Group and the CBOE.

The only similar event that could make BTC pump that hard, is the current BTC ETF filing by the CBOE at the SEC. The final verdict should be out by the end of August. Some crypto enthusiasts had initially predicted that wed know by the 10th of August with others saying that it will not be on the 10th.

10% gains per day is a massive increment in value. This has never been seen before in the crypto markets. Let us say that the SEC will announce the Bitcoin ETF verdict in 30 days. If BTC were to increase by 10% daily till then and using simple interest, we get a value equal to the one estimated for Thanksgiving this year: $29,600.

in conclusion, anything is possible in the crypto-markets. Therefore, let us sit back, relax, and enjoy the ride! John McAfee has reassured us that the Bitcoin Bull run is coming and that BTC could get to $1 Million by the end of 2020.

For the latest cryptocurrency news, join ourTelegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our fulldisclaimer.

Image courtesy of Pexels

Go here to see the original:

'The Bitcoin (BTC) Bull Market IS Coming,' Reassures John ...