📢Odaily Planet Daily broke the news: Mt.Gox plans to repay $8.5 billion worth of Bitcoin, but IG Markets analyst Tony Sycamore believes that this will not have much impact on the price of Bitcoin. 🤔Why? Because he believes that the selling pressure of Mt.Gox has been reflected in the current market. 👀

It is estimated that about half of the Bitcoin (worth about $4.5 billion) may begin to enter the market in July. However, Sycamore firmly believes that the previous repayments were made against the backdrop of deteriorating market sentiment, technical selling and outflows of Bitcoin ETF funds. Now, most of the speculative "hot money" has left the cryptocurrency field and turned to the stock market to chase giants such as Nvidia and Apple. 🏃‍♂️

Sycamore is optimistic about the price trend of Bitcoin. He believes that the current sell-off will not cause Bitcoin to fall further, and the strong support of the 200-day moving average is a reason to remain optimistic. 📈

Alex Thorn, head of research at Galaxy Digital, shares the same view, predicting that only 65,000 of the total 141,000 bitcoins will actually enter the market, which greatly reduces the expected selling activity. 🔍

In general, while Mt.Gox's repayment plan may have some impact on BCH, the impact on Bitcoin may not be significant. 👍