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The Bitcoin market could experience a spectacular recovery following the completion of Germany’s $2.9 billion BTC sale. Despite the downward pressure exerted by this massive liquidation, analysts predict an imminent rebound in the price of the queen of cryptos.
The end of a period of turmoil
The German government has just completed the liquidation of its substantial Bitcoin stock, acquired during judicial seizures. This large-scale operation, spread over several weeks, ended on July 12 with the sale of the last 3,846 BTC.
In total, the German government sold nearly 50,000 BTC, amounting to approximately $2.9 billion.
This controversial decision has sparked sharp criticism, notably from Joana Cotar, a member of the federal parliament. According to her, Bitcoin should have been considered a “national strategic reserve,” particularly in a difficult economic context. Despite these reservations, the government upheld its position, favoring a complete and rapid liquidation.
Institutions seize the opportunity
Against all odds, Bitcoin has shown remarkable resilience in the face of this massive selling pressure. Although its price remained below the symbolic $60,000 mark, the crypto managed to limit its losses.
This robustness is partly explained by the growing interest of institutional investors, as evidenced by significant capital inflows into the American Bitcoin ETFs.
Analysts remain optimistic about Bitcoin’s near future. The renowned expert Captain Faibik anticipates an imminent bullish breakout, targeting an ambitious goal of $70,000. This forecast is based on the technical analysis of the descending broadening wedge pattern (DBW) observed on the BTC/USDT chart.
Bitcoin thus seems ready to embark on a new bullish phase, leaving behind the turmoil related to the German liquidation. Investors remain attentive, ready to seize this potential opportunity in a crypto market in full revival.
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Passionné par le Bitcoin, j’aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l’outil qui peut rendre cela possible.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
