BTC is in a downtrend
Investors are waiting for a new Bitcoin bull run. However, this week is an important week for cryptocurrencies.
Antoni Trenchev, co-founder and managing partner of crypto lending firm Nexo, said that historically, the third quarter has been Bitcoin's weakest period. So markets often fall into decline before they get better in the coming weeks.
At this point, Bitcoin could drop to $25,000. But ideally, Bitcoin should stay above the 200-week moving average around $27,300 as this is the mark that helps analysts predict whether Bitcoin is in an uptrend or downtrend.
Antoni Trenchev, co-founder and managing partner of crypto lending firm Nexo, said that historically, the third quarter has been Bitcoin's weakest period. So markets often fall into decline before they get better in the coming weeks.
At this point, Bitcoin could drop to $25,000. But ideally, Bitcoin should stay above the 200-week moving average around $27,300 as this is the mark that helps analysts predict whether Bitcoin is in an uptrend or downtrend.
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