It's certainly no big surprise to tell you that Bitcoin has had a tough week. In the past seven days, the cryptocurrency dropped about $1,000 of its value, registering a decline of approximately 10 percent. According to long-time entrepreneur and well-known cryptocurrency commentator John McAfee, that is due to the US has been putting pressure on Bitcoin. Still he goes on unfazed and stands by that the price will move back up in a week.
McAfee Reports on Bitcoin Pressure From the U.S.
Merely a couple of days after being set free from confinement, John McAfee is back in charge of his Twitter account and is weighing in on Bitcoin.
Bitcoin's price has been swaying most recently with a lot more red than green, and McAfee feels that pressure from the U.S. has been to blame 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 typically, confident in his view that the US doesn't possess the influence to control cryptocurrencies. He furthermore is convinced that Bitcoin's bull run will restart one week from now.
Is Bitcoin in a Slump?
In 2019 we observed Bitcoin's price approach $14,000 as the bulls found themselves in control. Ever since, however, the cryptocurrency has been sliding down steadily. After a few days of swinging around the important support at $10,000, the price dropped by $700 in about 10 minutes. $9,400 was a serious support level that the price has succeeded to remain above thus far.
While a section of the crypto community fortifies the idea that Bitcoin's loss has been strongly related to pressure from the US, McAfee's tip for the next seven days is a hint of expectation for the bulls.
At the time of this writing, Bitcoin is trading at around $9,500 and maintains a market cap of about $169 billion. It's also worth mentioning that Bitcoin's dominance rate has diminished by about 1 percent, suggesting that alts have managed to restore some relative strength.
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