Altcoins

Bitcoin Set for Major Breakthrough as German Govt Dumps All BTC

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The world’s most popular cryptocurrency, Bitcoin, has been stuck in a consolidation phase for a record 120 days after hitting a new all-time high of $73,083, but analysts say the sleeping giant could be about to make a major comeback.

Renowned cryptocurrency analyst Captain Faibik believes that a significant breakthrough is imminent that will take the price of BTC to $70,000.

Breakout pattern targets $70k

According to Faibik, Bitcoin is approaching an upside breakout from a Descending Broadening Wedge (DBW) pattern, a bullish technical pattern that typically signals a reversal of the downtrend observed on the BTC/USDT 4-hour chart.

The DBW pattern on the BTC chart indicates that the price is getting tighter. However, this pattern usually leads to a breakout in one direction or another. Considering the current market sentiment, a bullish breakout seems more likely.

Faibik’s analysis suggests that a successful breakout from this pattern could see Bitcoin surge to $70,000. This prediction comes at a time when Bitcoin has struggled to maintain its recent gains, with the Bitcoin Fear & Greed Index hurtling towards an “Extreme” Level of fear.

German Government Bitcoin Sales

In recent days, demand from inflows into spot Bitcoin exchange-traded funds (ETFs) and selling pressure from Bitcoin Sales by the German Government they balanced each other out, effectively locking in the price of Bitcoin.

The German government has sold all of its 50,179 bitcoins, worth about $3.3 billion in the last 24 days, after they were initially seized from an online piracy website.

Meanwhile, in the last 24 hours alone, the German government transferred 9,594 Bitcoins, worth $553.7 million, and received 500, worth $28.6 million. The German government does not currently hold any Bitcoins.

Bitcoin Price Trend

Bitcoin (BTC) prices saw a brief surge following June inflation lower than expected data but failed to surpass the crucial $60K mark. Initially, Bitcoin price surged above $59,000 following the report but has now settled at a trading level just above $58,119.

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