German Government Shifts Focus to OTC Bitcoin Sales After Market Impact of Exchange Sell-Offs
- PHPzOriginal
- 2024-07-15 18:31:52803browse
On-chain analytics platform Spot On Chain has reported notable Bitcoin transactions by the German government, sparking discussions about a potential shift towards over-the-counter (OTC) sales.
German Government Shifts Focus Towards OTC Bitcoin Sales to Minimize Market Impact, As previously mentioned, the German government has been selling approximately $2 billion worth of Bitcoin seized from the operator of Movie2k.to, a move that began on June 18th. This sell-off caused the price of Bitcoin to fall below the important support line of $54,000 on July 5, but the price has since risen and is currently at $57,683.
The German government's trade is small compared to Bitcoin's daily trading volume of $36 billion, but it has a significant impact on market sentiment. Frequent news coverage of this move has heightened market anxiety, and the reactions of market participants may be influencing prices.
Spot On Chain's Bitcoin Price Prediction Spot On Chain recently announced Bitcoin price prediction using advanced modeling powered by Google Cloud's Vertex AI. According to this forecast, Bitcoin price is expected to fluctuate between $56,000 and $70,000 in the short-term time frame from May to July 2024. Volatility is expected during this period, with a 48% chance of the price falling below $60,000.
In the second half of 2024, Spot On Chain predicts a bullish trend and sees a 63% chance of Bitcoin reaching $100,000. This positive outlook factors in a rate cut by the Federal Open Market Committee (FOMC) aimed at lowering the federal funds rate to 4.6% in December 2023. Monetary policy adjustments by central banks are expected to increase demand for high-risk assets such as Bitcoin.
In the first half of 2025, Spot On Chain predicts that there is a 42% probability that Bitcoin will exceed $150,000, and that this probability will reach 70% in 2024 as a whole. This forecast indicates a positive long-term outlook due to changing market trends and investors' growing recognition of Bitcoin as a valuable asset class.
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