Bitcoin stuck right under $6,400, but the last coin will be worth millions of dollars, according to John McAfee

Bitcoin is rangebound right under $6,400 handle. The coin touched $6,434 high during early Asian hours, but the breakthrough proved to be unsustainable. From the technical point of view, this area is strengthened by SMA50 (4-hour chart). Once it is cleared, the recovery may be extended to $6,500 and $6,550 (23.6% Fibo retracement weekly). The road to the North is not packed with strong resistance levels, which makes further upside highly likely, once the above said $6,400 is taken out. 

Considering that the market is prone to overreact to negative information, no news is really good news here. It means that as long as there are no fresh headlines about the regulatory crackdown, crypto scam, ICO ban or whatever, the cryptocurrency market is well positioned for an extended recovery from recent lows.

Bears hit the pause button

BTC/USD reached the low at $6,116 on September 8 before new buyers came in and saved the game. The coin managed to stay above critical $6,000 which is a good signal that the price has bottomed out for now. Currently, BTC/USD is supported by the upside trendline. Once it is broken, the recovery will be over.

Meanwhile, John McAfee, world's famous crypto enthusiast, believes that Bitcoin is still in its infancy, but soon it will become  “fire raging in the forest,” he said in the interview with AMBCrypto:

“It’s a fire raging in the forest, and you’re outside the forest, and you’re in your house, and you’re leaning back, but it’s going to break out of the forest, and it’s going to be in the world, and we’ll have to deal with it. And keep in mind that as cryptocurrency increase, fiat currencies will inflate.”

Apart from that, Mr. McAfee expects that the last coin of Bitcoin will cost one million dollars. That will happen in December 2020.

BTC/USD, 4-hour chart