Bitcoin (BTC) Price Prediction: No Confirmation Of Volatile Shifts; Here\'s When Serious Fireworks Will Begin

Bitcoin (BTC) has hit a roadblock in its bullish journey of 2024, facing setbacks fueled by reversing flows into spot BTC ETFs.

Bitcoin (BTC) price risks sliding further in July due to a massive over-the-counter (OTC) sell-off by Mt. Gox creditors, but a subsequent market recovery is anticipated as early as August.

Fresh market concerns emerged on June 27 after JPMorgan (NYSE:JPM) Chase analysts highlighted the upcoming sell-off of Bitcoins by Mt. Gox as a potential market headwind. The إفلاس exchange will begin making payments to creditors in July, and a large portion of the 142,000 Bitcoins will likely hit the OTC market.

At current market prices, the 142,000 Bitcoins are valued at nearly $9 billion, and according to JPMorgan, most of the repayments will be made in July despite the October deadline.

Bitcoin price faces selling pressure from Mt. Gox creditors, but retail investors have been mainly selling their crypto holdings. Source: JPMORGAN

However, the analysis also suggests that a recovery in the market may be observed from August as the OTC sell-off subsides. Additionally, a portion of the $11 billion in fiat compensation to be paid out to FTX creditors is expected to re-enter the crypto market.

Earlier this year, creditors of Gemini Earn began selling their crypto holdings to repay debts, which contributed to a decline in crypto prices. However, JPMorgen’s indicator suggests that retail customers have been the primary sellers.

Bitcoin price risks sliding further in July due to OTC sell-off by Mt. Gox creditors, but a subsequent market recovery is anticipated.

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