finbold.com
Bitcoin’s (BTC) current struggle with bearish sentiments is likely to intensify as the market anticipates a possible influx of capital.
Specifically, the market expects a dump of Bitcoin worth approximately $9 billion as the defunct crypto exchange Mt. Gox plans to make repayments starting in July 2024.
These long-awaited repayments mark the end of a decade-long ordeal for creditors since Mt. Gox ceased operations on February 24, 2014, following a hacking incident.
At its peak, the exchange handled over 70% of all Bitcoin transactions worldwide, but it halted trading and went offline, leading to significant financial losses for many investors. The repayment process will also involve approximately $50.8 million in Bitcoin Cash.
Bitcoin price analysis
Based on short-term price movements, Bitcoin will likely lose the $60,000 support unless a significant market-moving incident occurs.
As of press time, Bitcoin was valued at $61,120, dropping almost 5% in 24 hours. The magnitude of the recent sell-off is evident on the weekly chart, where the asset has fallen over 7% after losing the $66,000 support.
Overall, should Bitcoin lose $60,000 in support, investors should anticipate further losses in line with the ChatGPT-4o prediction.
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