These days news about Mt Gox releasing of funds to its creditors is spreading on Twitter and seems very alarming to the BTC price action in coming days, as BTC price has not yet gained any momentum towards 28k which most of the so-called technical analysts predicted. I think we are most likely to hit <15k BTC in the coming days due to the release of almost 140k BTC from Mt gox.
If you search for the #mtgox at Twitter you will see how tense is the situation:
https://twitter.com/search?q=%23mtgox&src=typed_queryThere is this report by BRL;
https://twitter.com/lab_blockchain/status/1557330341139972104There were 22,560 creditors share total claims of $17 billion with an average claim of ~39btc. Do you think they are going to hold it ?
This is scary not only because so much money is coming into the market but also because most of this money will be immediately realised into fiat because it's of people who have been waiting for it since long. These people would immediately convert all the btc into Fiat in order to use it for their purposes, infact most of the people won't even keep it in btc or central exchanges anymore. So if this supply comes to market at the price point you can easily expect 10-12k btc.
I also think that would be the case. I'm assuming that BTC will dump dive even the claims release is partial and not everyone will get their btc at the same time. The upcoming selling pressure will be big and I think traders are selling out for them to be saved for the expected dump. I personally think that we can hit 15k atleast and 8k at worst if the support can't handle the selling pressure.
Whenever we do talk about bottoms then it cant really be determined on how low we could possibly able to reach out thats why hits market is totally unpredictable.It could neither get in
line with market news or fundamentals or wouldnt really be having no effect at all or would simply just move on a random manner without even knowing on whats the actual numbers.
It would really be just common sense that on the upcoming Mt.Gox funds sell off will definitely make out some significant impact towards the market and as an investor
then you should really be that wise on making out decisions of your investment.