The world’s most popular cryptocurrency Bitcoin has been stuck in a consolidation phase for a record-breaking 120 days since after it hit its new ATH price of $73,083, but analysts say this sleeping giant might be about to awaken with a great comeback.
Renowned crypto analyst Captain Faibik suggests that it is on the verge of a significant breakout which will take the BTC price to $70k.
Breakout Pattern Aim For $70k
According to Faibik, Bitcoin is nearing an upside breakout from a Descending Broadening Wedge pattern (DBW), a bullish technical pattern that typically signals a reversal in the downward trend seen in the 4-hour BTC/USDT chart.
DBW pattern on the BTC chart indicates that the price is getting tighter and tighter. However, this pattern usually leads to a breakout in one direction or another. Considering the current market sentiment, a bullish breakout seems more likely.
Faibik’s analysis suggests that a successful breakout from this pattern could see Bitcoin surging to $70,000. This prediction comes at a time when Bitcoin has been struggling to maintain its recent gains, with the Bitcoin Fear & Greed Index plunging to an “Extreme” Fear level.
German Government’s Bitcoin Sales
In recent days, demand from inflows into spot Bitcoin exchange-traded funds (ETFs) and selling pressure from Bitcoin sales by the German government have been balancing each other out, effectively stalling Bitcoin’s price.
The German government has sold all of its 50,179 Bitcoins, worth approximately $3.3 billion over the past 24 days, which were initially seized from an online piracy website.
Meanwhile, in the last 24 hours alone, the German government transferred 9,594 Bitcoin, valued at $553.7 million, and received 500 Bitcoin, worth $28.6 million. As of now, the German government holds no Bitcoin.
Bitcoin Price Performance
Bitcoin (BTC) prices saw a brief surge following cooler-than-expected June inflation data but failed to break the crucial $60K mark. Initially, Bitcoin’s price rose above $59,000 after the report, but it has now settled to trade just above $58,119.
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