Bitcoin Price Set for Recovery in Two Months Following Mt.Gox and German Government Selloffs, Says Fred Krueger

full version at en.coinotag

The Bitcoin market has recently exhibited significant volatility due to major selloffs by the German government and Mt.Gox.
Renowned investor Fred Krueger provides insight into the market’s potential recovery timeline.
The exact duration and impact of these selloffs remain uncertain, leaving the market in a speculative state.

Explore the potential recovery of Bitcoin amidst significant selloffs by the German government and Mt.Gox. Expert insights suggest a stabilization period ahead.

Bitcoin Market Stabilization Expected in Two Months

Fred Krueger, a notable figure in the cryptocurrency community, recently shared his observations on the ongoing Bitcoin selloffs. He reflected on the period when Bitcoin’s price was hovering around $65,000. During this time, it became evident that Mt.Gox and the German government would begin their selloff processes within the next 30 days, potentially impacting the market by shedding around $4 billion worth of Bitcoin gradually.

Impact of Speculative Short Positions

Krueger also theorized the effects of speculative short positions totaling $4 billion that might capitalize on the selloff situation. He speculated that if such positions were executed deliberately, Bitcoin’s price could drop to approximately $59,000. However, he warned of the potential panic-driven manipulation that could cause the price to plummet further to $53,000.

Market Reaction to Major Bitcoin Transfers

The recent Mt.Gox repayments and German government transfers have sent ripples through the market, pushing Bitcoin’s price below $54,000 at one point. A significant transfer of 1,157.1 BTC, valued at $63.57 million, was observed moving to a new address, while another 1,544.67 BTC, worth $84.87 million, was shifted to Bitbank. Additionally, a substantial 47,229 BTC, valued at $2.7 billion, was transferred to a new wallet.

German Government’s Ongoing Bitcoin Sales

The German government continues to offload its Bitcoin holdings, with a recent sale of 547 BTC. This action brings their total Bitcoin holdings to 41,220 BTC, currently valued at approximately $2.27 billion. Such large-scale transfers and sales have understandably contributed to the market’s current instability.

Conclusion

In conclusion, Fred Krueger’s analysis suggests a potential stabilization of the Bitcoin market in about two months, following the completion of significant selloffs by the German government and Mt.Gox. While short-term volatility is expected, the market is anticipated to regain its footing with strategic investor maneuvers and natural market adjustments.