Mt. Gox will repay a large amount of its debt via BTC and BCH by October 31, 2024. It seems that the repayment has already begun this morning. The market is panicking about the transfer of Mt. Gox, with more than $7 billion being transferred to an unknown wallet.
- BTC price movement is relatively difficult during this period. The two key areas near BTC are
64k - 65k and 60k - 61k.
If BTC price breaks below the 60k critical support area, we could see a drop in price towards 50k – 52k.
- Overall, BTC is in a downward channel.
But this is earlier than the creditors' October 31 repayment deadline.
The decline described above is also a worst-case scenario. Personally, I am not worried - the market has known about the repayments since January, after they asked creditors for final information.
Mt. Gox's movements over the past 5 years.
Mt. Gox transfer has little impact on BTC price. Bitcoin will continue to rise after the pullback ends
While there will certainly be some selling pressure, I still view any associated FUD as a solid accumulation opportunity.
