Bitcoin has been experiencing an unfortunate kind of reversal in trading this past week. Over this span of time, the digital asset managed to shrug off roughly 1,000 dollars, representing a decrease of roughly 10 percent compared to where it was earlier this month.
So what's been causing some of this slump? Known cybersecurity and Cryptocurrency advocate John McAfee argues that it's because the United States has been putting the screws both to Facebook's Libra, but also on Cryptocurrencies like Bitcoin. Even with this being the case, he remains completely unshaken in his resolve that the price will be surging back up in no time. One week, to be more precise.
Having only recently being released from his confinement a few days previously, McAfee has since quickly taken the helm on his Twitter account once again. Losing no time in giving his 2 cents on Bitcoin.
While the crypto has been unfortunately moving more into the red than the green McAfee is certain that this is largely thanks to the pressure that the United States has been putting down.
On John McAfee's Twitter page (@Officialmcafee), he argues the following:
"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."
McAfee has always come off as someone who is steely in his resolve, and certain in his belief that the United States has no power to interdict the movement of cryptocurrencies. He is also very much under the impression that Bitcoin will get started with its bull run in a matter of week/s.
Over this recent quarter of 2019, we managed to see Bitcoin undergo a steady bullish upswing. Managing to approach the upper margin of $14,000. Since this point, however, the cryptocurrency has been trending towards its lower supports than its upper. After spending the last few days trading around its critical lower support . of $10,000. Bitcoin's price managed to plunge by more than 700 dollars in just under 10 minutes.
Fortunately, Bitcoin's value has been holding strong at the $9,400 support range, where it currently resides (so far).
While there are McAfee's predictions that are pretty forthcoming, the community remains relatively divided over what exactly is causing this fall. There is a segment of this same community that does agree with McAfee's prediction that pressure from the US is causing a slump. These same onlookers are hopeful that his further rally prediction will also ring true.
During the time that this was written, Bitcoin has managed to trade at just above its lower support, trading at $9,500, and holds a total market capitalization of $169 billion. It is also important to note that, with the decline of Bitcoin's value of this time has also resulted in a respective drop in its dominance rate by around 1 percent.