After suffering bearish sentiment in the recent past, Bitcoin (BTC) price has received a much-needed boost announcement from the defunct crypto exchange Mt.Gox. According to the announcement from the rehabilitation trustee, Nobuaki Kobayashi, Mt.Gox has largely completed the base repayments for its creditors who completed the necessary procedures.
However, the rehabilitation trustee noted that a significant number of Mt.Gox creditors have not yet received their compensation due to the late completion of the necessary procedures.
In this regard, the rehabilitation trustee has received court orders to extend the deadline for repayment from October 31, 2024, to October 31 31 2025.
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.
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What Next for Bitcoin Price Action
Based on historical data analysis, veteran trader Peter Brandt believes that Bitcoin price could retest the support level around $48k before rallying towards a new all-time high in the coming months. However, Brandt’s target of $135k by the third quarter of 2025k will be invalidated if Bitcoin price consistently closes below $48k in the near 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.
