It’s been a bloody weekend for Bitcoin, highlighted by a sharp plunge on Saturday which saw the Bitcoin price drop from US$10,100 to $9,300 in mere minutes.
While many technical analysts now believe a previous key support line at around US$9,600 has become a resistance level and further price falls are likely, there remains feverish optimism among Bitcoin fundamentalists.
$BTC – Well would you look at that?
— UB (@CryptoUB) July 27, 2019
Morgan Creek digital Co-Founder, Anthony Pompliano, tackled the Bitcoin bears head-on with a tweet storm outlining what many Bitcoin believers would describe as cold, hard facts.
“Bitcoin’s compounded annual growth rate is $235% over almost a decade… The most valuable thin air in the world,” he tweeted.
Bitcoin’s compounded annual growth rate is 235% over almost a decade.
The most valuable “thin air” in the world 🚀
— Pomp 🌪 (@APompliano) July 26, 2019
Meanwhile, controversial crypto millionaire John McAfee, who in the past few days has been detained in the Dominican Republic in relation to alleged weapons offences, appears to be free again and as bullish as ever on Bitcoin, despite the weekend price action.
“Just watch. A week from today Bitcoin will continue its meteoric rise”, he tweeted earlier today to his one million followers.
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
And famous Bitcoin programmer and campaigner, Pierre Rochard, gave what is perhaps the strongest endorsement for the cryptocurrency during the weekend bloodbath.
“BTC is the most advanced monetary technology is human history,” he tweeted to his 52,000 followers.
BTC is the most advanced monetary technology in human history.
USD is an anachronistic, vestigial dumpster fire propped up by Keynesian scammers.
— Pierre Rochard (@pierre_rochard) July 28, 2019
Currently, Bitcoin is trading around $9,470, up 15% from this time last year.