Bitcoin Prediction: German Government Sells Last BTC Holdings—$100,000 Possible?
Bitcoin has driven the cryptocurrency industry in 2024.
Despite price swings, institutional interest and public acceptance keep mood cautiously positive.
The government sold 3,846.05 Bitcoin, worth $223 million, to Flow Traders and 139Po after holding 50,000 Bitcoin. German Bitcoin reserves were depleted with this last transaction.
A wider effort to seize 50,000 Bitcoin from criminal activity earlier this year led the authorities to sell these assets.
An unprecedented amount of cryptocurrency entered the market after 42,000 Bitcoin were sold in a week at 250 Bitcoin per hour.
This surge sent Bitcoin's price down 25% to levels not seen since February.
After this enormous sell-off, experts are watching for market stability.
The quick price decline and Mt. Gox repayments have weakened market confidence, causing a $170 billion market value loss in one day.
If the market absorbs the remaining selling pressure, it may reverse its negative trajectory.
The bitcoin market is currently adjusting to this extraordinary occurrence. As the market adapts to more Bitcoin, investors watch price fluctuations and possible drivers for future price patterns.
Bitcoin climbed over $58k at press time after rising 1.7% in 24 hours and 3.2% in 7 days.
Bitcoin Price Prediction: $100K Rally Near as Sell-offs Ease.
The market's capacity to absorb current selling pressure will determine future price patterns at $60,000, a significant supply zone.
Some experts say regaining $59,000 is vital to confirming a bigger upward reversal, with $56,500 as a key support level.
Bitcoin is trading between $58,500 and $59,000. The next big price move depends on this consolidation period.
A protracted spell over $58,500 and additional purchasing pressure might spark an upward breakthrough.
Positive estimates depend on Bitcoin breaking these important marks, which might lead to a price rise towards $100,000.
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