McAfee says altcoin price gains will blow current BTC gains out of the water!
Bitcoin is rallying, but altcoins may end up rallying even more.
That is the thesis put forth by one John McAfee.
This was the recent quote put forth by McAfee on his twitter:
"Bitcoin cranking up, but the real winners, beginning soon, will be the alt coins 10x + the rise in Bitcoin. Top of the heap will be the ones most beaten down in the Bear Market - Docademic, Apollo, XTZ, etc. This is where the real money is to be made. Fill your bags folks."
(Source: https://twitter.com/officialmcafee/status/1143687142788542464)
Altcoins will 10x the move we are seeing in bitcoin?
I am not sure about that, but perhaps 10x from current prices is doable for some coins.
That is exactly the type of price action we saw back in early 2018 when the biggest altcoin season of all time transpired.
It happened after bitcoin made a new all time high just below $20k.
Then, as prices consolidated and trended lower... billions of dollars poured out of bitcoin and into altcoins.
With their much smaller market caps it didn't take much buying to really get their prices rocketing.
I would not be surprised to see the same thing happen again here.
However, we may have to wait until bitcoin makes new highs and then consolidates...
Plus we will need the media and retail to get involved again in a major way.
That hasn't happened just yet.
At least that was the blue print for how it happened the last time.
Hopefully steem is able to participate again just like it did the last time.
Stay informed my friends.
Image Source:
https://coinpedia.org/news/john-mcafee-predicts-bitcoin-price-breaks-12k/
-Doc
Holding crypto as long as its half decent crypto always brings the rewards. Worst thing you can do is be selling now, alts are like a ball under water at the moment. The selling is ridiculous and stupid beyond belief.
I think much of it is likely due to people selling alts for bitcoin... trying to catch what's running. That pattern will likely reverse at some point...
it seems that way, but when they decide to move up they will lose out because most will double in an instant in my mind. Its shocking.
Yep, you are right. It rarely works out well for the chasers, that is for sure.
And if the recent past is any indication, every other alt will run 10x while Steem putters at 1.5x.
That would not be fun if it turns out to be true...
and i think the alts will go up even higher than he says but i do agree when is the question and you about nailed it jtr
good article
have a good evening bud
That makes sense.
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Yep, I mean he is just basing it off the fact it happened just like that before...
If it happened once, it could happen again right?
I WANT TO BELIEVE !
Haha as do I!
EOS and perhaps others probably will. I don't see Steem doing well without some major changes to the platform.
Well, it did well in early 2018 with basically the same setup as it has now. Though, there was a lot more hopium back them, which is about the only difference.
Yep. By now it shouldn't be the only difference.
I mean we had the same economic model as now... we are probably on more exchanges now as opposed to then... but we are much further down on coinmarketcap now... we were in the 20's-30's then and now in the 70's. Hopefully that isn't the determining factor.
Someone or some organization builds a better platform on EOSIO and it's game over. Maybe cross posting can help save it, but I can't think of anything else that might, besides improving Steemit.
Why would it be game over if that happened? It's already happening. Steemit is very different than Voice though. I actually think if Voice does well it will help bring people to steemit.com as well.
I was being a bit dramatic. There's plenty of peeps that love Steemit and aren't going anywhere. It's just tough for me to see too many more large investors coming in.
These large investors (if you can call em that) are funny... They won't come until the price starts going up again and the price won't start going up until they come. It's like a catch 22. Anyways, I think if the crypto pump gets big enough it will drag steem up with it.
I'm seriously considering cashing out all my Bitcoin (not much) into Steem if Steem begins to spike up. Gotta get that double run up.
Probably not a bad time to do that. Bitcoin may have just peaked in the very near term right now... just dropped close to 30% in a matter of minutes... After getting near $14k, dropped to about $11,600.
Bitcoin is the leader. Well, it has led everything so far, and everything else has followed.
So, i too expect alt coins to make giant moves too!
But not before bitcoin makes a giant move.
The timing is the only thing.
Further, when we begin to see adoption. When people start actually using cryptos to buy things, then alt coins will make serious gains.
Yep, I agree. I think we need to see bitcoin make a new high before the next major altcoin season begins.
we'll see!
Will steem enjoy a run again this time?
I feel like going back on vacation given these price increases! It pays for itself if I sell now! Altcoin rally would be great to see for sure as there is much more development there than bitcoin.
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Hopefully steem goes along for the ride... It has been mostly left out so far.