Will the Bitcoin decline caused by Mt. Gox find support around $52,000?

[shanhaigamefi]

How do you perceive the likelihood of triggering a round of Bitcoin sell-offs？

[MeGold666]

The momentum is too big, it will drop a lot more.
And I wouldn't expect fast recovery, it will take years - if it ever recovers as investors are shifting to AI investments.

This horse has been beaten to death and the "number goes up" has dried off.

[legendbtc]

How do you perceive the likelihood of triggering a round of Bitcoin sell-offs？

According to news provided by media such as Mt.gox started selling and paying bitcoins to their victims, the German government sells bitcoins...which means we will face pressure huge sell and bitcoin will probably fall below 50k.

But I doubt if this news is true and is it ongoing or has it ended? I mean these things are over but someone wants to use the news to manipulate us into panicking and dump our bitcoins. I'm skeptical because why didn't the German government sell bitcoin when it was priced at 72k$ but sold bitcoin when it was priced at 53k$?

Given the current situation, we should prepare ourselves with two plans instead of just focusing on our expectations because anything can happen, IMO.

[OmegaStarScream]

Bitcoin started dropping as soon as the on-chain data showed that 2.7B has moved from the Mtgox cold wallet so as people start to get their money and selling it, I would imagine it will drop even further. But then it depends on how they're planning to distribute this. AFAIK, they have a 90 days window (deadline to give everyone their money back) but whether they're planning to give it all now, or not is something we don't know.

[pakhitheboss]

We have seen extensive sell off of Bitcoin and we have discussed a multiple times about the panic selling. There is nothing new the market always react to bad news. The problem here is that it used to be a trend in the past. Why is again happening is unknown.

To an extent I feel the market is overreacting as the refund is of approximately $8BN. That is way low according to the current market market capitalization of Bitcoin. It is impossible to control the panic in the market and it is possible that the price of Bitcoin might go bellow $50K.

[crwth]

Depending on the amount that they are trying to sell, it’s usually going to go even lower if that happens. I just hope that the people who bought at the top would be able to continue holding. I really feel that we could’ve reached even higher with BTC soon. It’s just retest and it will come full circle, I hope.

[PhillipDe78]

The MtGox representative stated that payments on Kraken may take up to 90 days, on Bitstamp up to 60 days, on Bitgo up to 20 days, and on SB VC Trade and Bitbank up to 14 days.

This seems like a long time. Will everyone have enough patience?

[kryptqnick]

With Mt Gox, we are talking about BTC worth billions of dollars, and it makes sense that tons of victims would want to cash out after all this time of waiting. That's a significant amount of money, the sort that can have a major short-term impact. Bitcoin is 10% down over 7 days, and I think it can easily lose another 10-15% of its value. But it's a strictly temporary phenomenon, and I don't believe it will have a long-term negative impact on the price. So let's just wait it out and see how Bitcoin recovers by the end of 2024 (or doesn't recover, who knows).

[Apocollapse]

Definitely no, Mt.Gox only transferred 1,545 Bitcoin from 141K Bitcoin they have to BitBank, which mean Mt.Gox only sold 1% of their coins. While the number that has been sold is around 400K Bitcoin, it's not caused by Mt.Gox, but it caused by weak hands.

People are taking really serious with the refund by Mt.Gox when it's just a refund, it's not the end of Bitcoin.

The receivers might dump their coins, but that's none of our business.

[TheUltraElite]

Dump is caused by weak hands, it will gradually recover, but dropping below the 50k USD level is possible so dont start buying right away, wait for the dust to settle a bit and then buy.

Whatever MtGox has sold, the drop is not due to that but people panicking about a possible drop that could have happened. Again, a lot of factors are involved, we cant know for sure.

But what we do know is that prices are being discounted, buying time is coming very soon.

[tabas]

How do you perceive the likelihood of triggering a round of Bitcoin sell-offs？

Even if most of us are used to these kinds of moves, the surprise is there but it doesn't move me anymore. These sell-offs are going to happen mostly when the market is too calm. And that's why when there's nothing is happening and the market's too calm, well, you should expect that something is being cooked. I wasn't expecting that all of these massive sell offs are going to happen at the same time and that's why with all of the accumulations being done by the institutions, don't be too confident with them because one day they'll be next to dump massive Bitcoins that they have accumulated.

[PrivacyG]

The momentum is too big, it will drop a lot more.
And I wouldn't expect fast recovery, it will take years - if it ever recovers as investors are shifting to AI investments.

This horse has been beaten to death and the "number goes up" has dried off.

And Bitcoin will die yet again just like every other time its funeral was announced!  Do you admire Peter Schiff by any chance?

In the last decade, Bitcoin had pretty much stagnated the Halving year and shot up the following year.  If you follow this trend, we are still on track and next year should be the good one.  I agree the last decade is not necessarily a way of predicting the future, but these are the expectations.  If by the end of 2025 Bitcoin is still not pushing another All Time High, only then will I believe the history is not repeating this time around.

How does it look like 'the horse has been beaten to death' to you?

[bittraffic]

It was said it was the German and US government dumping their coins in the market that caused this dip. But actually this is bound to happen since the market is already overbought. I think they are just accelerating the imminent thing to happen. 

But I don't think the Mt. Gox coins are really going to be sent to the creditors. No government will do that. They wouldn't even distribute the FTX coins, how would we believe the Mt. Gox coins be sent out?  Those coins are seized from Karpeles, that's it.

[MeGold666]

The momentum is too big, it will drop a lot more.
And I wouldn't expect fast recovery, it will take years - if it ever recovers as investors are shifting to AI investments.

This horse has been beaten to death and the "number goes up" has dried off.

And Bitcoin will die yet again just like every other time its funeral was announced!

Practically speaking it's been dead for over a decade now as it's usage was reduced to holding and pumping bags.

It's a vegetable on life support, technically alive but dead inside.

Sad but true, just look around.

/over&out.

[uneng]

Bitcoin found support at 53,000$ and already managed to bounce back to 56,000$ without much difficult. It's very good news after we hit the dip today! Now let's hope Bitcoin will remain stable around the current price until a bullish tendency takes place! 56,500$ is the resistance level of the day at the moment I'm writting this post. From what we saw today, it makes me believe the 50,000$'s zone is a key position for Bitcoin which whales don't want to lose.

As soon as Bitcoin reaches close to the bottom of the 50,000$'s, buyers enter in action and don't let the price drop further. Hopefully, by noticing this fact, investors are going to get more optimistic because the Mt. Gox redistribution isn't so harmful like many thought at first impression... Investors have to understand that if they panic selling, whales are going to grab all their coins for 53,000$ - 50,000$. And if they want to enter the market again, they will have to pay an expensive price for that.

[yudi09]

How do you perceive the likelihood of triggering a round of Bitcoin sell-offs？

It could be that the cause of the price drop is Mt.Gox as referenced in several posts above.
Apart from the amount transferred from the Mt.Gox cold wallet, it seems to me that apart from that data, those who are selling are people who are not ready to accept the market situation.
If MtGox's plan is to sell up to 100% and now it's only 1% and the price continues to decline, then during the transfer process it will be an opportunity for those who want to buy Bitcoin at a price below $60,000.

[el kaka22]

Always a bad news is an opportunity for an investor. This time cannot be an exception. I wish that at least this would be the final last time that bitcoin market experiences a bloodbath due to mtgox. Last time where mtgox triggered a bearish trend was 2015 and if I remember correctly then bitcoin was trading around $200 and bottomed around $160. Also, by 2020's I read that treasuries of mtgox kept selling which was the reason why bitcoin market fell down to below 10k levels after the recovery up to 15k levels in 2019.

90 days window for settling down along with the total massive amount of bitcoins might have triggered panic waves among traders in bitcoin market but this would be the another excellent opportunity to fish below $50k levels. Yes, I am still confident about new ATH around the year end as there would be no change in long term trend. Probably, we may see more demand for bitcoin ETFs on these cheaper prices.

[skarais]

It was impressive to see how the market reacted to Mtgox's distribution issues and the impact of the German government moving its bitcoin to various exchanges. The price fell so quickly and liquidated many long traders position, but this was just a risk we had considered for long time. Unfortunately I don't have more of a spare budget to do accumulation at a time like this, but still grateful that I'm in it. It's time to wait for recovery while calming ourself and our mind.  

[aylabadia05]

Depending on the amount that they are trying to sell, it’s usually going to go even lower if that happens. I just hope that the people who bought at the top would be able to continue holding. I really feel that we could’ve reached even higher with BTC soon. It’s just retest and it will come full circle, I hope.

Over the last 30 days, the mentality of bitcoin holders has been truly tested. Maybe not just in the last 30 days, but in the last 30 days, this has been the worst. Prices have fallen by 20% or more, but now the big hope is for recovery. Of course it will take a lot of time for the market to recover and test resistance of $60k or above again, but as long as panic and worry are still very high then recovery is still difficult to expect. The market will definitely recover, but not now.

[ginsan]

Creditors said when they lost their bitcoins in Mtgox it was at $600 and now they are distributing at a higher price who wouldn't sell they already have a high profit even in a down market.
I don't know how much they received and what percentage has been distributed by Mtgox this is not known by many people, we wait until this subsides maybe the market will recover.