It’s safe to say that Bitcoin has had a rough last 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, it’s the US that’s putting pressure on Bitcoin. Yet, he remains unfazed and holds that its 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 in charge of his own Twitter account and once again weighed in on the matter of Bitcoin.
Bitcoin’s price has been swinging lately with more red than green and he states that U.S. pressure is delivering the negative results.
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
Nevertheless, McAfee is, as always, definitively positive in his belief that the US doesn’t really hold any power in controlling cryptocurrencies. He also thinks that the price will begin climbing again in a week from now.
Is Bitcoin In A Slump?
In 2019 we saw Bitcoin climbing as high as almost $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 $700 USD in about 10 minutes. $9,400 USD was a major support level and so far it managed to stay above it.
While a part of the community supports the idea behind Bitcoin’s fall to be strongly related to the pressure coming from the U.S., McAfee’s prediction for the following week is a glimmer of hope for the bulls.
At the time of this writing, Bitcoin is trading at around $9,500 and holds a market cap of about $169 billion. It’s also worth noting that Bitcoin’s dominance has decreased by about 1 percent, indicating that alts managed to regain some relative strength.
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