The Bitcoin market could see a spectacular recovery following the completion of Germany’s $2.9 billion BTC sale. Despite the bearish pressure from this massive liquidation, analysts are predicting an imminent rebound in the price of the queen of cryptos.
The end of a period of turbulence
The German government has just completed the liquidation of its large stock of Bitcoin, acquired through 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 gave away nearly 50,000 BTC, worth around $2.9 billion.
This controversial decision has drawn strong criticism, particularly from Joana Cotar, a member of the federal parliament. According to her, Bitcoin should have been considered a “national strategic reserve”, especially in a difficult economic context. Despite these reservations, the government has maintained its position, favoring a total 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 has managed to limit its losses.
This robustness is partly explained by the growing interest of institutional investors, as evidenced by the significant capital inflows into US Bitcoin ETFs.
Analysts remain optimistic about the near future of Bitcoin. Renowned expert Captain Faibik anticipate an imminent bullish breakout, targeting an ambitious target of $70,000. This forecast is based on the technical analysis of the descending broadening wedge (DBW) pattern observed on the BTC/USDT chart.
Bitcoin thus seems ready to begin a new bullish phase, leaving behind the turbulence linked to the German liquidation. Investors remain attentive, ready to seize this potential opportunity of a crypto market in full renaissance.
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