Bitcoin’s price may undergo a correction lasting up to four weeks, as selling pressure from Mt. Gox and the German government threatens to push it below the $60,000 mark, according to Bitcoin analyst Willy Woo. In a post to his over 1.1 million followers, Woo stated that BTC’s price action will become dull and the trading activity will decrease before the price experiences a surge. This potential correction aligns with predictions made by crypto analyst Rekt Capital, who expects further downward pressure on Bitcoin’s price based on last week’s closing price. Mt. Gox’s announcement that it will begin repaying its users in July could introduce significant selling pressure as over $9.4 billion worth of Bitcoin is owed to its creditors. Additionally, the movement of nearly 6,500 BTC from a German-government labeled wallet on June 19 could further contribute to selling pressure. However, some analysts, like Jelle, believe that this will only be a temporary shakeout rather than a deeper correction. It’s important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.
Bitcoin faces a potential 4week correction as a result of sellpressure from Mt Gox and the German government