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4-week correction for Bitcoin? Mt. Gox, Germany gov't add sell-pressure

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Bitcoin price risks a potential fall below $60,000, due to the incoming sell pressure from the Mt. Gox repayments and Germany's government starting to sell it's 50,000 BTC.

Bitcoin could be headed into a month-long correction, as newfound selling pressure from Mt. Gox and the German government threaten to tank Bitcoin price below the $60,000 psychological mark.) could see a correction of up to four weeks, according to popular Bitcoin analyst Willy Woo.“Eyeballing this model... probably 1-4 weeks more of cooling down before #Bitcoin price action is sufficiently boring. Chart: Intensity of speculators playing casino games.

More than $9.4 billion worth of Bitcoin is owed to approximately 127,000 creditors of Mt. Gox, who have been waiting for over 10 years to recover their funds, which could introduce significant selling pressure for Bitcoin.

 

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