Bitcoin Traders Target $50K as Billions in BTC Selling Pressure Looms
Summary
Bitcoin traders anticipate a drop to $50,000, driven by selling pressure from German government and Mt. Gox wallets. Analysts predict continued selling, with potential for a bounce back if Mt. Gox selling is lower than expected. BTC briefly recovered to nearly $55,000 from a low of $53,600, but remains under pressure. Mt. Gox's distribution of stolen assets and the German BKA's movement of bitcoin to exchanges have contributed to the bearish sentiment. BTC prices have nosedived over 10% in the past week, erasing gains since February. Traders expect further decline to $51,000.
