It’s safe to say that Bitcoin has had a rough week. In the past seven days, the cryptocurrency lost around $1,000 of its value, marking a decrease of around 10 percent. According to veteran entrepreneur and popular cryptocurrency commentator John McAfee, that is because the US has been putting pressure on Bitcoin. Yet he remains unfazed and maintains that the price will climb back up in a week.
McAfee Reports on Bitcoin Pressure From the U.S.
Just a few days after being released from confinement, John McAfee is back in charge of his Twitter account and is weighing in on Bitcoin.
Bitcoin’s price has been swinging lately with more red than green, and McAfee believes that pressure from the U.S. has been responsible for that.
Bitcoin is under pressure from the U.S. and its price reflects it. But the U.S. has no real power in controlling CryptoCurrency. Just watch. A week from today Bitcoin will continue its meteoric rise.
— John McAfee (@officialmcafee) July 27, 2019
McAfee is, as always, certain in his belief that the US doesn’t have the power to control cryptocurrencies. He also thinks that Bitcoin’s bull run will resume one week from now.
Is Bitcoin in a Slump?
In 2019 we saw Bitcoin’s price approach $14,000 as the bulls were in control. Since then, however, the cryptocurrency has been sliding down steadily. After a few days of swinging around the important support at $10,000, the price plunged by $700 in about 10 minutes. $9,400 was a major support level which the price has managed to stay above so far.
While a segment of the crypto community supports the idea that Bitcoin’s fall has been strongly related to pressure from the US, McAfee’s prediction for the next week is a glimmer of hope for the bulls.
At the time of this writing, Bitcoin is trading at around $9,500 and possesses a market cap of about $169 billion. It’s also worth noting that Bitcoin’s dominance rate has decreased by about 1 percent, indicating that alts have managed to regain some relative strength.