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

[shinratensei_]

there are news circulating that mtgox creditors will receive their money in 3 months, I think this is what caused recent bitcoin bounce back aside from German MP that tries to stop german from selling off BTC in one go

I expect there to be support no need to hit $52k probably around $54k is already a strong support but never expect the price to come back to $60k unless mtgox done with their dumping.
but the good news is that

FTX distribution of cash might increase buying pressure but its just speculation of course, things might not be all that good.

[fuguebtc]

there are news circulating that mtgox creditors will receive their money in 3 months, I think this is what caused recent bitcoin bounce back aside from German MP that tries to stop german from selling off BTC in one go

This news came before July and they announced that they would pay bitcoin to creditors between July and October, which only added to the selling pressure and was not good news for the market.
Additionally, a parliamentarian blocked the German government from selling bitcoin because she believes bitcoin is an inflation hedge and should not be sold. But that hasn't stopped the German government from selling bitcoin, but they seem to have realized that selling directly on exchanges would destabilize the market. so they decided to transfer the bitcoins to Flow Traders, a company that provides OTC services.


https://www.flowtraders.com/

I expect there to be support no need to hit $52k probably around $54k is already a strong support but never expect the price to come back to $60k unless mtgox done with their dumping.

I think the market will soon fully absorb this news and will soon recover despite the Mt.gox news, a return to $60k will not be difficult for bitcoin.

[shinratensei_]

Additionally, a parliamentarian blocked the German government from selling bitcoin because she believes bitcoin is an inflation hedge and should not be sold. But that hasn't stopped the German government from selling bitcoin, but they seem to have realized that selling directly on exchanges would destabilize the market. so they decided to transfer the bitcoins to Flow Traders, a company that provides OTC services.

https://www.flowtraders.com/

Honestly that's a good news, OTC is the way, even justin sun offered to buy their BTC, definitely better for them since price won't tank and their asset won't plummet along the process of dumping their coin to the market.
if only mt gox could do the same, but since the creditors will be credited individually, expect it to hit the market.

I think the market will soon fully absorb this news and will soon recover despite the Mt.gox news, a return to $60k will not be difficult for bitcoin.

It seems like Mtgox trying to credit periodically within period of 3 months, so if the selling pressure is spread out within 3 months like you mentioned, I think the market can really contain it and I agree that 60k is probably gonna be easy for bitcoin, the reason of the recent dump getting so bad like this because of a shock effect following the news of german dumping as well as mt gox but the resistance seems to be pretty solid. eventually people will get used with the fud and just ignore it.

[bestcoins1]

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

Most people who have seen Bitcoin ownership from Mt.Gox will certainly feel afraid that Mt.Gox will sell the Bitcoin it already owns so that the action taken by Mt.Gox itself will certainly trigger other people to panic a little and could trigger a selling action. to those who still hold small amounts of Bitcoin. Because we can imagine that people who hold small amounts of Bitcoin are always more numerous than people who hold large amounts of Bitcoin. It's like if we think that there are still more people who are poor than rich people so that we can always count the rich people in this world rather than counting the poor people who are still more dominant in any case.

So the selling action of most people who saw the transfer of Bitcoin ownership from Mt.Gox to their new wallet could indeed be said to be the cause because perhaps some people who had less Bitcoin were afraid they would not have time to sell it at a higher price. However, currently the price of Bitcoin has started to recover little by little and I hope there will be no more panic in the minds of many people so that the price of Bitcoin can continue to increase again this month.

[justdimin]

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.

And I think it's not about the price but it's about their longing of their old funds. Some can keep it but another way to show it is when they start selling it for profits. I think there is no way to tell if how much each participants received because that is kinda sensitive already but it is possible to know the total amount Mt. Gox have deployed and in fact, there is a thread or comment here last time that reveals it.

I forgot the values but one thing is for sure and that is, the amount was really huge and enough to shake this market. Waiting is only optional and yeah the market can always recover, if there are times that it experienced a decline.

[cryptosize]

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.

HmmMAA, is that you?

[$weetne$$]

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.

Many investors will still not sell because they know that they can make more profits by hodling. It is just fud that is spreading that they are going to sell. The investors are not broke and they have other sources of income that they depend on which means they do not have to sell everything as they get them. We are in the bull market, Bitcoin is going to get to a new highest price before the bull market ends and we are looking at predictions that should be above $100,000. Why would you want to sell your Bitcoin at a low price when you can hodl and sell for more profits in just few months in 2025. I still think though that the bottom has not been reach although Bitcoin has already traded around $53,000. When the market gets more busy in the next few hours on Monday, it will determine if we are going to be bouncing back stronger or dipping more.

[EL MOHA]

I think there is no way to tell if how much each participants received because that is kinda sensitive already but it is possible to know the total amount Mt. Gox have deployed and in fact, there is a thread or comment here last time that reveals it.

I forgot the values but one thing is for sure and that is, the amount was really huge and enough to shake this market. Waiting is only optional and yeah the market can always recover, if there are times that it experienced a decline.

According to many reports the Mt.Gox exchange had move more than 47,000 bitcoin which was equivalent then to $2.7B to some various exchanges which were said to be the ones to use for  the repayments, so yes the movement of the amounts will definitely be public since everyone is aware of the address they had hold the coins on. The only thing that Will remain hidden is the percentage of that each person got.

Many investors will still not sell because they know that they can make more profits by hodling. It is just fud that is spreading that they are going to sell. The investors are not broke and they have other sources of income that they depend on which means they do not have to sell everything as they get them.

Selling your coin holdings say taking profit doesn’t have anything to do with been broke or poor if you ask me. Taking profits is even one of the strategies involved in holding or investing so nothing bad about it, you can take profit when you feel the market is high and then probably buy back. Some can take the profit to carter for some personal needs even if they Have extra income coming to them