The largest cryptocurrency could fall as low as $50,000 as billions of dollars of supply are released into the market in the coming weeks.

Mt. The prospect of bitcoins from the bankrupt crypto exchange Gox and the German government has sent the price down 10% in the last seven days.

Bitcoin {{BTC}} traders expect prices to fall as low as $50,000 in the coming weeks, a level not seen since mid-February.

BTC prices have fallen more than 10% in the past seven days, falling below a critical technical indicator on Thursday and wiping out all gains since late February, according to CoinGecko data.

German government still owns over $2.3 billion worth of Bitcoin, Mt. Gox has more than $8 billion and the US government has more than $12 billion.

The market, most of Mt. Gox user to dispose of their tokens, but if the sale is lower than expected we may see a return. On the other hand, if there is enough selling to push the price lower, we could be looking at the $50,000 level soon.

A wallet affiliated with the German Federal Criminal Police Office (BKA) has moved millions of dollars worth of bitcoin to crypto exchanges since mid-June. Traders say the moves imply an intention to sell assets seized from a piracy market in 2013.

Meanwhile, BTC prices briefly recovered in Europe by mid-morning, rising from a low of $53,600 to almost $55,000 in the early hours in Asia. The sudden drop resulted in the liquidation of crypto longs worth over $550 million who were bets on higher prices in the last 24 hours.

So what do you think? We are waiting your comments! 😄👇🚀#DeFi#Web3