Greed

2024

Bitcoin

when

Captain

<p>The post <a href="https://coinpedia.org/news/bitcoin-poised-for-major-breakout-as-german-government-dumps-all-btc/">Bitcoin Set for Major Breakout After 120-Day Slump: Analyst Eyes $70K</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The world’s most popular cryptocurrency, Bitcoin, has been stuck in a consolidation phase for a record-breaking 120 days after hitting its new all-time high (ATH) of $73,083. However, analysts believe this sleeping giant might be on the verge of a great comeback.</p> 
<p>Dive deeper to find out what the charts are saying and if a price surge is on the horizon. Hopefully, the slumber breaks soon!</p> 
<h2 class="wp-block-heading" id="h-is-a-breakout-coming">Is a Breakout Coming? </h2> 
<p>Renowned crypto analyst Captain Faibik suggests that Bitcoin is on the verge of a significant breakout, potentially propelling the BTC price to $70,000. According to Faibik, Bitcoin is nearing an upside breakout from a Descending Broadening Wedge (DBW) pattern, a bullish technical indicator signaling a reversal in the downward trend observed in the 4-hour BTC/USDT chart.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> is on the verge of Descending Broadening Wedge Upside Breakout..!!<br><br>A successful breakout could send Bitcoin to $70K. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f51c.png" alt="🔜" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> <a href="https://t.co/lnA4dbL7p5">pic.twitter.com/lnA4dbL7p5</a></p>— Captain Faibik (@CryptoFaibik) <a href="https://twitter.com/CryptoFaibik/status/1811802675350241564?ref_src=twsrc%5Etfw">July 12, 2024</a>
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<p>The DBW pattern on the BTC chart indicates that the price is getting tighter. Typically, this pattern leads to a breakout in one direction. Given the current market sentiment, a bullish breakout appears more likely. Faibik’s analysis suggests that a successful breakout could see Bitcoin surging to $70,000. </p> 
<p>This prediction comes at a time when Bitcoin has been struggling to maintain its recent gains, with the Bitcoin Fear &amp; Greed Index plunging to an “Extreme” Fear level.</p> 
<h2 class="wp-block-heading" id="h-market-forces-at-play">Market Forces at Play</h2> 
<p>In recent days, demand from inflows into spot Bitcoin exchange-traded funds (ETFs) and selling pressure from <a href="https://coinpedia.org/news/german-governments-bitcoin-holdings-drop-by-90-arkham-intelligence-reports/">Bitcoin sales by the German government</a> have been balancing each other out, effectively stalling Bitcoin’s price. The German government recently sold all of its 50,179 Bitcoins, worth approximately $3.3 billion, which were initially seized from an online piracy website.</p> 
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   <p lang="en" dir="ltr">In just 24 days, the <a href="https://twitter.com/hashtag/German?src=hash&amp;ref_src=twsrc%5Etfw">#German</a> government has sold all 50,179 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($3.3B)!<br><br>The <a href="https://twitter.com/hashtag/German?src=hash&amp;ref_src=twsrc%5Etfw">#German</a> government transferred 9,594 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($553.7M) and received 500 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($28.6M) in the past 24 hours, and currently does not hold any <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>!<a href="https://t.co/oGuI6g9MxF">https://t.co/oGuI6g9MxF</a> <a href="https://t.co/YNZUOOrd4H">pic.twitter.com/YNZUOOrd4H</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1811930695931167219?ref_src=twsrc%5Etfw">July 13, 2024</a>
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<h2 class="wp-block-heading" id="h-understanding-the-market-impact">Understanding the Market Impact</h2> 
<p>In the last 24 hours alone, the German government transferred 9,594 Bitcoins, valued at $553.7 million, and received 500 Bitcoins, worth $28.6 million. As of now, the German government holds no Bitcoin. Despite these transactions, Bitcoin (BTC) prices saw a brief surge following <a href="https://coinpedia.org/news/breaking-us-inflation-falls-to-3-lower-than-expectations-bitcoin-price-surge/">cooler-than-expected June </a>inflation data but failed to break the crucial $60,000 mark. </p> 
<p>Initially, Bitcoin’s price rose above $59,000 after the report, but it has now settled to trade just above $58,119.</p> 
<p>Read Also: <a href="https://coinpedia.org/news/altcoin-season-soon-list-of-altcoins-to-stack-for-20x-gains/" target="_blank" rel="noreferrer noopener">Altcoin Season Soon: List of Altcoins To Stack For 20x Gains</a></p> 
<p><strong>Will the bulls win out, or will the bears continue to hold sway? Only time will tell.</strong></p>

Bitcoin Set for Major Breakout After 120-Day Slump: Analyst Eyes $70K

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