Analyst Warns Of $2,330,341,000 Elephant In The Room For Bitcoin (BTC) Here’s What He Means

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A widely followed crypto analyst warns of an elephant in the room that could trigger another sell event for crypto king Bitcoin (BTC).

In a new strategy session, Nicholas Merten, host of DataDash, tells his 512,000 YouTube subscribers that latent pressure on the sell side of the Mt. Gox debacle could kick in and cause another leg down. low for the best crypto asset by market capitalization.

There’s a question we have to ask, whether or not the Mt. Gox Trust will [cause the price of BTC to dip]or more specifically, what is more relevant is whether or not the long-awaited unloading of that Bitcoin to its original holders is going to happen due to pressure from those holders to finally gain access to that Bitcoin.

The second question is whether or not the sell will be at the bottom, because as we saw in this last bull market, the [Mt. Goxs BTC] holdings have not even halved. It went from around 200,000 to 137,000 [BTC]. If we see this kind of selling pressure or, in this case, the unloading of Bitcoin in the open market bid, what is that going to mean for the price?

Mt. Gox is a former crypto exchange based in Japan. It went bankrupt in 2014 after being hacked. In July 2022, it was announced that it would reimburse former clients as part of its bankruptcy proceedings.

Merten says paying BTC to former Mt. Gox customers could be a huge source of sell-side liquidity.

I think that’s going to mean some brutal pressure on the sell side. People who have had bitcoin since it was double digits, triple digits, just tens of dollars or a few hundred dollars, and they will want to start profiting from it because they think bitcoin as an asset is done to .

Bitcoin is changing hands for $17,195 at the time of writing.

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