Bitcoin Set for Major Breakout as German Government Sells All BTC

Analyst Captain Faibik predicts that Bitcoin could surge to $70K with a potential bullish breakout. The Bitcoin DBW pattern suggests a possible bullish breakout on the 4-hour BTC/USDT chart. This comes as the German government has sold 50,179 Bitcoins, worth $3.3 billion, which has impacted the BTC price.

Bitcoin has been stuck in a consolidation phase for 120 days since reaching its all-time high of $73,083. However, renowned analyst Captain Faibik believes it’s about to break out and could rise to $70K.

Bitcoin Poised for Bullish Breakout, Analyst Predicts $70K Surge

According to Faibik, Bitcoin is nearing an upside breakout from a Descending Broadening Wedge (DBW) pattern on the 4-hour BTC/USDT chart. This bullish technical pattern often signals a reversal in the downward trend.

Source: X

The DBW pattern shows the price is tightening, which typically leads to a breakout in one direction or the other. Given the current market sentiment, a bullish breakout seems more probable.

Faibik’s analysis suggests that if Bitcoin breaks out successfully from this pattern, it could surge to $70,000. This prediction comes as Bitcoin struggles to maintain recent gains, with the Bitcoin Fear & Greed Index falling to an “Extreme” Fear level.

Bitcoin Price Stalled Amidst ETF Demand and German Government Sales

Recent inflows into spot Bitcoin exchange-traded funds (ETFs) and selling pressure from Bitcoin sales by the German government have balanced each other out, causing Bitcoin’s price to stall.

Over the past 24 days, the German government sold all of its 50,179 Bitcoins, worth about $3.3 billion, which were initially seized from an online piracy website. In the last 24 hours alone, the government transferred 9,594 Bitcoins valued at $553.7 million and received 500 Bitcoins worth $28.6 million. The German government now holds no Bitcoin.

Update by Lookonchain July 13. Source: X

Bitcoin prices briefly surged after cooler-than-expected June inflation data but failed to surpass the critical $60,000 mark. After initially rising above $59,000, Bitcoin’s price has settled to just above $58,119.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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