Bitcoin ($BTC) Value May Plunge to $59,000 as Mt. Gox Plans to Roll Out Settlements with 2014 Hack Victims in July 2024

Peter Schiff, a prominent economist and gold advocate, has warned of a drop in the value of Bitcoin ($BTC) ahead of Mt. Gox’s planned rollout of settlements.

Bitcoin (BTC) price has been in the spotlight as Mt. Gox prepares to start paying settlements to victims of the 2014 hack. The now-defunct Bitcoin exchange has repeatedly delayed settlement payments, and victims will eventually get their stolen tokens back. The tokens were acquired in 2013 and have increased significantly in value. Essentially, victims who receive stolen coins stand to make a huge profit. There is speculation that most traders will seize this opportunity to sell some of their BTC holdings, which will have a ripple effect as the market comes under selling pressure. Peter Schiff, a prominent economist and gold advocate, has warned that the value of Bitcoin (BTC) will fall ahead of Mt. Gox’s planned settlement payment. The economist predicted that the value could plummet to $59,000 and further claimed that the flagship cryptocurrency has officially entered a bear market. Needless to say, it is unclear how many positions will be sold off. The whales have started buying down. On June 24, 2024, they last recorded an inflow of 7,130 coins in one day. At the time, the account was valued at $436 million. Many believe that the wallet’s accumulation of no less than 0.1% of the token’s supply shows confidence in the token. Whales are optimistic about the coin’s future bull run and are betting heavily on it. Short-term forecasts support their assumptions, with an estimated gain of 34.41% over the next 30 days. During this time frame, BTC is likely to trade around $82,847, with a volatility of 3.68%. Bitcoin must reach the $71,570 target within the next 5 days. Given the selling pressure generated by the Mt. Gox settlement, this is clearly not possible. Peter highlighted that many traders investing in the Spot Bitcoin ETF did so by selling gold ETFs. Bitcoin has fallen nearly 14% since March 14 of this year, while gold has gained 10%. So these traders actually lost 24%, and it's unclear how long it took them to realize their mistake. Peter supports gold because it is a proven investment option. Its value is bound to increase over time, and Bitcoin is always riddled with volatility. Schiff made a bold prediction for Bitcoin. The most notable of these was his pronouncement on BTC, calling the coin a giant bubble. Mt. Gox may not be the only cause of selling pressure. Many traders are considering exiting the market due to their unwillingness to take on additional risk or the lack of imminent upside. Inflows are also affected by the risk appetite of global investors, who are mainly concerned about a return to inflation.

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