Bitcoin, the world’s largest cryptocurrency by total market capitalization, dropped to a relative low of $33,750 over the last 24 hours, thus proving the fears of many analysts who believed the asset was flirting with “weak support levels” to be true.
“I think that BTC isn’t breaking out of the bearish trend quite yet.
This is because, over the course of the next few weeks, a large chunk of investor funds that have been held by the firm will be released after a 6-month lock-up period.
In his view, the only thing that can keep BTC competitive in relation to its competitors is if an entire network “overhaul” is performed, with the currency having to undergo a consensus upgrade.
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