After a recent period of bearish sentiment, Bitcoin (BTC) has received a much-needed boost, thanks to a key announcement from the now-defunct crypto exchange Mt.Gox. Nobuaki Kobayashi, the rehabilitation trustee, announced that Mt.Gox has largely completed the base repayments to creditors who completed the required procedures.
However, Kobayashi noted that a significant number of creditors have yet to receive their compensation due to delays in completing the necessary formalities. To address this, the trustee has secured court approval to extend the repayment deadline from October 31, 2024, to October 31, 2025.
Yet another challenge! What’s next?
According to market data provided by Arkham Intelligence, Bitcoin addresses associated with Mt.Gox currently hold about 44.9k BTCs, worth about $2.75 billion.
This substantial amount of Bitcoin still tied to the exchange adds another layer of complexity to market predictions.
Veteran trader Peter Brandt, analyzing historical market trends, predicts Bitcoin may retest the $48k support level before rallying to a new all-time high. He projects a price target of $135k by Q3 2025 but warns that this prediction could be invalidated if Bitcoin consistently closes below $48k in the short term.
Bitcoin price will eventually follow in the footsteps of Gold, which is already in price discovery. Furthermore, the ongoing shift in the global economic outlook, escalated by the recent Fed rate – amid the upcoming U.S. 2024 general election and global geopolitical crisis – will favor liquidity addition in the crypto market.
As a result, more institutional investors – led by MicroStrategy, Metaplanet, and BlackRock, among others – have been deploying funds in the Bitcoin market in anticipation of a major bull run ahead.
What do you think—will Bitcoin hit a new all-time high or face another correction?
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