Bitcoin

Rekt

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-potential-correction-due-to-mt-gox-and-german-government-actions/" data-wpel-link="internal">Bitcoin Faces Potential Correction Due to Mt. Gox and German Government Actions</a> 
Mt. Gox and the new selling pressure created by the German government threaten to push Bitcoin’s price below the psychological level of $60,000, potentially leading to a month-long correction. According to popular Bitcoin analyst Willy Woo, Bitcoin may experience a four-week correction before continuing its price rise. 
<h2 class="p1" style="text-align: justify" id="notable-statements-from-a-famous-analyst">Notable Statements from a Famous Analyst</h2> 
Popular analyst Willy Woo shared the following statements in a post to his over 1.1 million followers on social media platform X on June 22: 
<blockquote> 
 “Looking at this model, there will likely be a 1-4 week cooling period before Bitcoin’s price movement becomes sufficiently boring. In other words, Bitcoin’s price movement will witness a boring process, and then the price will rise.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-364702 size-full" src="https://coin-turk.com/wp-content/uploads/2024/06/bsi.jpg" alt="" width="2218" height="1758"> 
The potential monthly correction aligns with the predictions of popular <a href="https://en.coin-turk.com/insights-on-cryptocurrency-price-predictions-for-ceek-floki-chiliz-and-luna/" data-wpel-link="internal">crypto analyst</a> Rekt Capital, who expects more downward pressure on Bitcoin’s price based on last week’s closing price. The analyst wrote in a report dated June 17: 
<blockquote> 
 “A Weekly Close below the blue level came before rejections from here, and the blue level will transition to a new rejection point. Bitcoin is potentially preparing itself for the same fate.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-364701 size-full" src="https://coin-turk.com/wp-content/uploads/2024/06/btc-17.png" alt="" width="1000" height="706"> 
<h2 class="p1" style="text-align: justify" id="significant-developments-on-the-bitcoin-front">Significant Developments on the Bitcoin Front</h2> 
On June 24, the bankrupt crypto exchange Mt. Gox announced that it would start repaying its users in July. Mt. Gox owes approximately 127,000 creditors $9.4 billion worth of Bitcoin, which could create significant selling pressure for Bitcoin. According to Bloomberg’s senior ETF analyst Eric Balchunas, this situation could create significant selling pressure: 
<blockquote> 
 “This is like rejecting more than half of all ETF inflows at once.” 
</blockquote> 
According to Arkham Intelligence, in addition to the upcoming selling pressure, a wallet labeled by the German government transferred approximately 6,500 Bitcoin on June 19. The wallet had held around 50,000 Bitcoin since February 2024, which is worth over $3 billion at today’s prices. However, other crypto <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> like Jelle expect this to be only a temporary price drop rather than a deeper correction. The analyst stated in a June 24 post on X: 
<blockquote> 
 “Bitcoin’s daily RSI <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> hasn’t been this low in almost a year. The last time we saw oversold conditions, Bitcoin was trading at $26,000.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-364700 size-full" src="https://coin-turk.com/wp-content/uploads/2024/06/btc-grafil.jpg" alt="" width="2048" height="1178"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-potential-correction-due-to-mt-gox-and-german-government-actions/" data-wpel-link="internal">Bitcoin Faces Potential Correction Due to Mt. Gox and German Government Actions</a></h5>

Bitcoin Faces Potential Correction Due to Mt. Gox and German Government Actions

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