The cryptocurrency tide changes very fast. At one moment, the market would be projecting signs of a clear bullish run and the next moment, a shift in trend would take over. The virtual assets do not guarantee any consistent trading and most of the time, investors buy into the market due to “FOMO”.
Bitcoin was currently in the middle of a similar dilemma.
It has been an impressive year for Bitcoin and other virtual assets have rallied behind it. The largest cryptocurrency broke away from its long term bear cycle and managed to put its weight behind the bulls. Bitcoin surged consistently, taking its valuation above $10,000 and on 26th June and peaking at $13,800.
Things went downhill from that point.
The virtual asset did not suffer a major correction but the market reached a state of stagnation. Since 26th June, the price had majorly consolidated between the range of $10,000 and $12,500 and the community noticed that the market appeared bearish.
Last week, Bitcoin closed above the resistance zone of $12,200-$12,500, which suggested another bull run but the sentiment was quickly nullified after the price underwent another slow week.
The trade volume over the past seven days also witnessed a major dip and the community started to speculate that major investors were selling out and Bitcoin was going back towards the bears.
However, the current trend did not influence everyone’s opinion on the market. John McAfee, an outspoken supporter of Bitcoin, appeared the least bit worried and continued to back his own price prediction. He tweeted,
“Bitcoin is at the mid 10’s and people worry. LMFAO!! Why do you pay attention to weekly fluctuations? Look at the past few months FFS!