It's safe to point out that Bitcoin has had a challenging week. In the last seven days, the cryptocurrency lost about $1,000 of its value, noting a reduction of approximately 10 percent. According to seasoned entrepreneur and popular cryptocurrency commentator John McAfee, that is because the US has been putting pressure on Bitcoin. Yet he remains unfazed and insists that the price will climb back up in a week.
McAfee Responds To Bitcoin Pressure From the U.S.
Simply a handful of days after being discharged from confinement, John McAfee is back in charge of his Twitter account and is weighing in on Bitcoin.
Bitcoin's price has been swinging most recently with much more red than green, and McAfee thinks that pressure from the U.S. has been to blame for that.
McAfee is, as usually, positive in his mindset that the US doesn't have the strength to control cryptocurrencies. He furthermore thinks that Bitcoin's bull run will resume one week from now.
Is Bitcoin in a Slump?
In 2019 we witnessed Bitcoin's price approach $14,000 as the bulls remained in control. Ever since, however, the cryptocurrency has been moving down gradually. Following a few days of swinging around the crucial support at $10,000, the price dived by $700 in around 10 minutes. $9,400 was a significant support level in which the price has managed to stay above so far.
While a section of the crypto community upholds the idea that Bitcoin's fall has been solidly related to pressure from the US, McAfee's prediction for the next seven days is a suggestion of optimism for the bulls.
During the time of this particular writing, Bitcoin is trading at about $9,500 and has a market cap of about $169 billion. It's also definitely worth mentioning that Bitcoin's dominance rate has decreased by about 1 percent, implying that alts have managed to gain back some relative strength.
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