Bitcoin price tumbles, approaches key supports, true believers don’t care

Bitcoin price tumbles, approaches key supports, true believers don't care

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.

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.

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.

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.

Currently, Bitcoin is trading around $9,470, up 15% from this time last year.

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