Bitcoin Price (BTC) Undervalued By Nearly $34K According to Infamous Dickline

Tony "The Bull" Severino

6 years ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin’s recent bullish rally has helped the leading crypto asset return to mean after $6K support was penetrated by bears. Given its potential, it’s clear to see that Bitcoin is currently undervalued by most analyst’s standards. Bitcoin price predictions place the number one crypto by market cap in the hundreds of thousands, with some estimates reaching a staggering $1 million USD.

Such an estimate was made my the eccentric cyber security expert turned crypto influencer John McAfee, who offered to eat his own “dick on national television” if his prediction didn’t come true by the end of the year 2020. Since that bold claim was made, the crypto community has been watching Bitcoin price closely, tracking it in accordance with the McAfee “dickline.” According to the infamous “dickline,” Bitcoin is currently nearly $34K undervalued.

Bitcoin Falling Short of Dickline Trajectory to McAfee’s $1M Prediction

Back in July of 2017 before Bitcoin price truly went parabolic, founder of anti-virus pioneer McAfee Labs, John McAfee, made a claim that it would reach $500,000 per BTC “within three years.” He later revised his estimate based on a new prediction model due to how quickly the cryptocurrency’s value skyrocketed, and changed it to $1 million by the end of 2020. He also reiterated his commitment to his wager.

When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD

— John McAfee (@officialmcafee) November 29, 2017

Following McAfee’s tweet, the crypto community became so enamored with the wild yet confident prediction that a website was developed called dickline.info that was dedicated to tracking Bitcoin’s progress along a plotted 0.484095526% per day growth trajectory that would match up with McAfee’s end goal for BTC.

The infamous “dickline” had been mostly forgotten about as McAfee distracted the world with his antics, which includes a Presidential run in 2020, a crypto-backed fiat currency that adorns his likeness, and his going into exile to avoid paying taxes to the IRS.

However, outspoken cypherpunk and creator of Satoshi.info Jameson Lopp didn’t forget, and recently called attention to how Bitcoin is grossly undervalued according to the “dickline” trajectory.

Bitcoin is now undervalued by an order of magnitude according to https://t.co/yMvYnhQJB5 pic.twitter.com/Cn3lwTfBoZ

— Jameson Lopp (@lopp) February 22, 2019

According to the site, Bitcoin price is currently 89.51% below where the leading crypto’s value would need to be to reach $1 million by the end of 2020. For Bitcoin to reach such a milestone, it should currently be valued at $37,797 according to the site. The number one crypto by market cap is currently trading at around $3,930 – suggesting that BTC is undervalued by nearly $34K.

While many believe that Bitcoin will indeed reach incredible value if its potential is ever fully realized, a $1 million per BTC prediction may be unreachable as it would put its market cap somewhere around $21 trillion dollars. If it doesn’t reach the lofty goal set by McAfee, crypto enthusiasts will be disappointed Bitcoin didn’t reach it, but they’ll surely be tuning in to watch McAfee stay true to his word on national television.

Featured Image from Shutterstock

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.