FxPro Analyst: There is a Fear of 'I Wonder' in Bitcoin, Altcoin Movements Are Scams!

FxPro analyst focused on the reason behind Bitcoin (BTC)'s ongoing decline.

In a recent note shared by FxPro senior market analyst Alex Kuptsikevich, Bitcoin's decline was included. Stating that the attempt at the 60 thousand dollar level has failed for now, Kuptsikevich argued that the influence of the German government still continues.

While he stated that the government has less than 5 thousand Bitcoins left in its possession, he noted that even if the amount is small, some investors prefer to stay on the sidelines against the "possibility of further sales".

Bitcoin returned to $57,000 after a failed attack on $60,000 on Thursday, July 11.

German authorities are actively selling previously confiscated Bitcoins. This volume is not very large, but some potential buyers prefer to stay aside, thinking that sales will increase.

Altcoin bullish scam

Kuptsikevich said that altcoin rises will be temporary as Bitcoin has not yet reached new peak prices:

Altcoin season can only begin when the prices of the biggest cryptocurrencies like Bitcoin hit all-time highs and appear overvalued to some.

According to CoinGecko data, Bitcoin, which has increased by 1% in the last 24 hours, is traded at $ 57,700 at the time of writing.

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