Bitcoin (BTC) Price Prediction: German Government-Labeled Crypto Wallet Sold 900 Bitcoin, Could BTC Drop Below $60,000?

The crypto market is experiencing increased volatility, resulting in severe price drops. Today's on-chain analysis revealed that a German Government

AGermangovernmentcryptowalletsold900BitcoinsonMonday,sparkingconcernsthattheflagshipcryptocurrencymaydropbelowitscritical$60,000**mark.Thecryptowallet,labelled“139Po,”madethreeseparatetransactions,eachtransferring300**Bitcoins**.Thetransactionswerevaluedatatotalof**$54,430,000atthetimeofthetransfer.TheGermangovernmentpreviouslyinteractedwiththe139Powallet.OnJune19,thegovernmentsent500BTCtotheaddressandanother800onJune20.BitcoinpricedroppedsharplyonMondayfollowinganannouncementfromnow-defunctcryptoexchangeMt.Gox,whichrevealeditwillbegindistributingBitcoinandBitcoinCashrepaymentfromthebeginningofJuly.ThepriceofBitcoinfelltoaslowas$58,500**onthebackofthenews.However,thepricerecoveredsomewhatandwastradingup4.47%overthepast24hoursatthelastcheck.TheMt.Goxannouncementislikelytoputsellingpressureonthe**Bitcoin**market,ascreditorswillbeabletoselltheirrecoveredfunds.This,coupledwiththerecenttransfersfromtheGermangovernment,couldbeenoughtosendBTCbelow**$60,000.

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